Nonfungible token (NFT) trading has begun to follow the bullish trend in cryptocurrency markets, with a volume approaching $1 billion in November, according to data from the dApp monitoring platform DappRadar.
According to the report, the NFT sector maintained upward momentum for the second month. In November, trading volume increased by 125%, indicating a change in user behavior relative to previous declines in NFT trading.
The analytics firm Nansen reported on November 6 that NFT sales volumes increased weekly throughout October. From $56 million in the week ending October 9 to $129 million in the week ending November, NFT sales increased consistently.
Web3 executives believe that this trend could persist for the foreseeable future. Jonathan Perkins, co-founder of SuperRare, said on November 14 that the worst of the bear market is “behind us,” and things are beginning to improve.
In November, the average value of NFT transactions increased by 114%, from $126 to $270, in addition to increased trading volume.
According to the report, the number of daily unique active wallets (UAW) in blockchain gaming has increased. As per DappRadar, the market dominance of on-chain gaming UAWs in the decentralized applications (DApps) sector increased by 34%. The industry “remains a fundamental pillar” of the decentralized ecosystem, according to DappRadar.
From October 2023 until the beginning of the same year, blockchain gaming initiatives managed to secure $2.3 billion in investments despite an overall bearish sentiment.
A previous DappRadar report revealed that blockchain gaming attracted $600 million in assets in the third quarter of 2023 alone, although cryptocurrency market prices were lower than at their summits.
