NFT Trading Volume Nears $1B in November Amid Positive Crypto Market Trend
Summary:
As cryptocurrency markets show a positive trend, nonfungible token (NFT) trading volume nears $1 billion in November, with a steady surge for the second consecutive month, according to DappRadar. Market executives predict the positive trajectory to continue. Blockchain gaming projects secured substantial investments despite the bearish market for a majority of the year. Moreover, the average value of NFT transactions saw a significant increase of 114% in November.
As the cryptocurrency markets swing towards a positive trend, the trading volume of nonfungible tokens (NFTs) also looks promising, nearing $1 billion in November, as per details released by DappRadar, a platform that tracks decentralized apps. The report stresses that there was a steady rise in NFT industry momentum for the second consecutive month. There observed a considerable rise of 125% in trading volume in November, indicating a change in the tendency of users from previous NFT trading downturns. The source of NFT trading volume and sales count data is DappRadar.
Analytics firm Nansen revealed on Nov. 6 that NFT sales volumes had steady weekly increases throughout October. The sales ramped up consistently, from $56 million in the week ending on Oct. 9 to $129 million in the week concluding on Nov. 5.
Several executives within Web3 anticipate this trajectory could extend into the forthcoming months. SuperRare's co-founder Jonathan Perkins hinted at a positive turn in the market, stating on Nov. 14 that the brunt of the bear market is "behind us".
Besides the surge in trading volume, there's also a significant increase in the average value of NFT transactions by 114%, which escalated from $126 to $270 in November.
The report also observed an upswing in daily unique active wallets (UAW) related to blockchain gaming. On-chain gaming UAWs grew by 14% as per DappRadar, and held a 34% market dominance in the decentralized applications (DApps) industry. The tracking platform pointed out that the sector "continues to be an integral pillar" in the decentralized ecosystem.
Even with a bearish ambiance most of the year, blockchain gaming projects managed to amass investments of $2.3 billion from 2023's outset until October. According to a prior DappRadar report, the third quarter of 2023 saw a sum of $600 million invested in blockchain gaming, despite the decline in crypto market prices in comparison to its previous highs.
Crypto news snippets include an HK game firm finalizing a plan to invest $100M in cryptocurrency, and a CBDC agreement between China and UAE, as reported by Asia Express.
Published At
12/8/2023 4:00:35 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.