Are NFTs Back? DappRadar Says Sales Surged 30% in October
NFT Trading Volume Grows
Despite the largest NFT marketplace, OpenSea, announcing a new round of layoffs this week, the JPEG market has continued to show signs of life. Crypto data company DappRadar released its monthly report on Saturday that indicated growth in NFT trading in October. Per the report, NFT sales rose by $99 million last month compared to the previous month.
In September, NFT trading volume stood at $305 million. That figure shot to $404 million the following month. According to DappRadar, the latest increase in sales means the yearlong downtrend has finally been broken.
For beginners, NFTs (non-fungible tokens) are unique virtual assets representing ownership of a particular item. While the NFT market was lively in 2021, 2023 has been relatively tough for several JPEG projects. The hype around major NFT collections like Bored Ape Yacht Club has chilled amid the crypto winter.
Broader Crypto Market Rallies
The latest rise in NFT trading volume comes at a time when the wider crypto market is witnessing a bullish momentum. Earlier this week, Bitcoin crossed above $35,000 for the first time in nearly 16 months. The rally is driven by rising hope that a Bitcoin spot ETF will soon hit the market in the United States.
DappRadar’s latest report noted a booming NFT space on Solana. NFT sales on the layer-1 blockchain hit $27.5 million in October, up from $24.1 million in September, representing a 15% growth. Moreover, Solana’s native token, SOL, has been among the best-performing crypto assets in recent weeks, surging 60% last month. It now changes hands for $40.8 per data on CoinGecko.
NFT Trading Volume on Ethereum Grows 50%
Meanwhile, the NFT market on Ethereum saw a 50% increase in sales. The rising trading activity pushed the floor prices of most NFTs up. For instance, the cheapest Bored Ape Yacht Club NFT is now trading at $55,500 from $40,210.
Researcher at NFT firm Proof, Punk9059, hopes that the current upward trend in NFT trading volume will continue over the coming months. In his X account, the NFT enthusiast noted that NFT sales have been on the rise over the past seven weeks.
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