- Trading volume surged by 32% from $306 million in September to $405 million in October.
- The initial half of this year has posed difficulties for numerous NFT projects.
The volume of NFT trades rose by $99 million in October compared to the prior month, according to a report released by crypto analytics firm DappRadar, indicating a recovery in the NFT market. Nevertheless, there have been substantial staff reductions at the well-known NFT marketplace OpenSea, as reported on Friday.
DappRadar stated, “the yearlong decline in NFT trading has been halted,” with NFT trading volume increasing by 32% from $306 million in September to $405 million in October. The firm noted that this sales level hasn’t been observed since August.
Hope Following Difficult Times
Although the NFT market was extremely active in 2021 and early 2022, the first half of this year has been tough for many projects due to the prolonged crypto winter and the resulting decrease in enthusiasm surrounding collections like Bored Ape Yacht Club (BAYC).
However, there may be reasons for optimism in the broader digital assets landscape. Analysts suggest that the rise in NFT trading volume is linked to Bitcoin’s recent price increase above $35,000, representing the most substantial growth in 16 months amid expectations that a spot Bitcoin ETF would soon gain approval in the United States.
DappRadar highlights Solana as one of the rapidly expanding networks. NFT trading volume on the layer-1 increased by 15%, rising from $24 million to $27.6 million.
The report from DappRadar encompasses the overall volume of NFT trades across various blockchains that facilitate trading in this token category. DappRadar also observed that Ethereum’s NFT trading volume grew by 50% year over year, establishing it as the frontrunner among other networks.
Featured Crypto News Today:
BTC remains below 35000. Will Bitcoin Bulls keep driving prices up?
