April 19, 2024
NFT Trading Hits Almost $1 Billion Amid Market Optimism, Report
NFT

NFT Trading Hits Almost $1 Billion Amid Market Optimism: Report

In November, the average value of NFT transactions surged by 114%, escalating from $126 to $270. As cryptocurrency markets turned bullish, NFT trading followed suit, approaching $1 billion in volume, as reported by DappRadar, a decentralized app tracking platform. This marks the second consecutive month of positive momentum for the NFT industry, with trading volume witnessing a remarkable 125% increase, reflecting a shift in user behavior compared to previous downtrends.

Nansen, an analytics firm, previously noted that NFT sales volumes consistently rose throughout October, from $56 million in the week ending on October 9 to $129 million in the week ending on November 5. Executives in the Web3 space anticipate this upward trend to persist in the coming months, with SuperRare co-founder Jonathan Perkins expressing optimism about the market’s turnaround on November 14, asserting that the worst of the bear market is now in the past.

The report additionally highlighted a rise in daily unique active wallets (UAW) within blockchain gaming, indicating a 14% increase and a 34% market dominance in the decentralized applications industry. DappRadar emphasized the continued significance of the gaming sector, stating that it remains a fundamental pillar in the decentralized ecosystem.

Despite an overall bearish sentiment throughout the year, blockchain gaming projects secured $2.3 billion in investments from the beginning of 2023 until October. A previous DappRadar report revealed that in the third quarter of 2023 alone, blockchain gaming attracted $600 million in investments, demonstrating resilience despite lower cryptocurrency market prices compared to previous peaks.

Image by pikisuperstar on Freepik

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