- Trading volume climbed 32% from $306 million in September to $405 million in October.
- The first half of this year has been challenging for many NFT projects.
NFT trade volume increased by $99 million in October compared to the previous month, according to a research issued by crypto analytics company DappRadar, suggesting that the NFT market is bouncing back. However, there has been significant reductions in staff at renowned NFT marketplace OpenSea as announced on Friday.
According to DappRadar, “the yearlong downward trend in NFT trading has been broken,” as NFT trading volume climbed 32% from $306 million in September to $405 million in October. According to the company, this is a level of sales that hasn’t been witnessed since August.
Optimism Post Challenging Times
While the NFT market was hyper active in 2021 and early 2022, the first half of this year has been challenging for many projects due to the protracted crypto winter and the consequent waning of excitement behind collections such as Bored Ape Yacht Club (BAYC).
But there may be a cause for optimism in the digital assets sector as a whole. Analysts believe that the increase in NFT trading volume is due to the fact that the price of Bitcoin recently rose over $35,000, marking the biggest increase in 16 months on the hopes that a spot Bitcoin ETF would soon be approved in the United States.
According to DappRadar, Solana is one of the fastest-growing networks. NFT trading volume on the layer-1 climbed 15% from $24 million to $27.6 million.
DappRadar’s report captures the total volume of NFT trades on a variety of blockchains that provide trading in this token class. DappRadar also noted that Ethereum’s NFT trading volume increased by 50% year over year, making it the leader of the group” among other networks.
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