NFT trading volume nears $1B as markets turn bullish: Report

NFT trading volume nears $1B as markets turn bullish: Report

As crypto markets turn bullish, nonfungible token (NFT) trading has started to join the wave, with volume nearing $1 billion in November, according to data published by the decentralized app tracking platform DappRadar. 

The report highlighted that the NFT industry maintained upward momentum for the second month in a row. Trading volume surged by 125% in November, suggesting a shift in user behavior compared to earlier downturns in NFT trading.

NFT trading volume and sales count data. Source: DappRadar

On Nov. 6, analytics firm Nansen reported that NFT sales volumes showed continued weekly increases in October. NFT sales consistently went up, from $56 million in the week ending on Oct. 9 to $129 million in the week ending on Nov. 5.

Executives working in Web3 believe that this trend may continue further in the coming months. On Nov. 14, SuperRare co-founder Jonathan Perkins told Cointelegraph that the worst of the bear market is ‚Äúbehind us‚ÄĚ and things are starting to turn around.¬†

Apart from the uptick in trading volume, the average value of NFT transactions also increased by 114%, climbing from $126 to $270 in November. 

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The report also noted increased daily unique active wallets (UAW) in blockchain gaming. According to DappRadar, on-chain gaming UAWs saw a rise of 14% and had a 34% market dominance in the decentralized applications¬†industry. DappRadar noted that the sector ‚Äúcontinues to be a fundamental pillar‚ÄĚ in the decentralized ecosystem.

Despite a seemingly bearish mood all year, blockchain gaming projects managed to secure $2.3 billion in investments from the start of 2023 up to October. An earlier DappRadar report showed that in the third quarter of 2023 alone, blockchain gaming secured $600 million in investments despite crypto market prices being lower compared to its peaks. 

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