Although NFT trading volumes and sales counts decreased during October, according to a DappRadar, the number of monthly unique traders rose.
Nonfungible Token (NFT) trading volume and sales may have decreased in October, but analytics company DappRadar claims an increase of 18% in monthly unique NFT traders demonstrates the market is still in “high demand”.DappRadar reported on Nov. 3 that there were 1.11 million monthly unique NFT traders in October, up 18% from the roughly 950,000 traders there were in September.
This is true even if the corporation said that revenues fell by 30% to 6.13 million in October while trade volumes fell by 30% to $662 million, the lowest recorded in 2022.“The rise in the unique traders’ count indicates that new people are entering the NFT market, and it is still in great demand.”
For the NFT community, the month was very hectic. At least two other NFT marketplaces, such as Magic Eden in Solana and LooksRare in Ethereum, switch to an optional royalty arrangement.
The survey also noted Yuga Labs’ continued dominance of the NFT industry, with CryptoPunk and Bored Ape Yacht Club accounting for seven of the top 10 sales for the month. The most expensive of these sales was CryptoPunk#924, which went for an astounding 475 ETH ($1,620) on October 27, which as of this writing is worth $731,435.
For the second consecutive quarter, Ethereum’s NFT trading volume has been declining, plummeting 21% in the past month to $324 million, the lowest amount recorded by DappRadar since June 2021. In better news, according to DappRadar, Polygon’s NFT trade volume has increased by 770% over the past month, primarily due to the popularity of the Reddit NFT collections.
More than 2.9 million Reddit avatars have been created since their launch in July, and more than 2.8 million of them have found their way into wallets. According to Dune analytics, the collection’s sales volume for October was $10.1 million. With Meta stating on November 2 that Polygon will be its initial partner for its new NFT tools, it appears likely that trade volume for the layer-2 solution will continue to rise over the course of the following month.
The report also mentioned that Dogecoin DOGE ( $0.12 ) had been the best-performing token of the month, closing the month 50% higher than when it began and citing Elon Musk’s Twitter takeover and the announcement of Dogechain’s future roadmap as the drivers. Additionally, it noted a growth of 6.84% from the previous month in the average number of unique active wallets. The Near Foundation and Google Cloud cooperation, as well as the incorporation of staking provider Lido into Arbitrum and Optimism, were cited by DappRadar as the causes of this surge.
