Crypto's JPEG market is showing signs of life though. Mass reduction on the popular marketplace OpenSea On Friday – NFT trading volume increased by $99 million in October, compared to the month before Report Released by crypto information firm DappRadar.
“The annual downward trend in NFT trading has been broken,” Dapradar wrote, adding that NFT trading volume increased by 32% from $306 million to $405 million in September. The firm described it as sales levels not seen since August.
NFTs are unique digital tokens that represent ownership of an object, often digital art. While the market for NFTs has been bullish in 2021 and early 2022, this year has been strong for many profile picture (PFP) projects—a boost to groups like Yuga Labs' Bored Up Yacht Club (BAYC). Chills In the midst of a long crypto winter.
However, heat signals may be at play in the broader digital assets industry. The increase in NFT trading volume came as the price of Bitcoin went out Over $35,000 – touching the highest price in 16 months keep out According to analysts, a Bitcoin ETF may soon be approved in the United States.
The Dapradar report highlighted Solana as a prominent network in terms of growth. NFT trading volume grew 15% from $24 million to $27.6 million at the fastest Layer-1, Dapradar reported. Meanwhile, the price of Solana itself get up 65% in October, jumping from $23 to around $38, he said CoinGecko.
NFT trading volumes are captured in the Dapradar report on the broader blockchains that support a portion of the tokens. And across all networks, a 50% jump in NFT trading volume in Ethereum—the second largest cryptocurrency—“led the pack,” Dapradar said.
As the flow of JPGs grew in October, the floor price – or the cheapest listed NFT on the secondary market – for some popular PFP projects also increased. For example, from the aforementioned Bored Up Yacht Club, the floor price of NFTs rose from the $40,000 price of Ethereum to $55,000.
The rising value of PFP projects boasting large market capitalizations was recently touched upon by Punk9059, Research Director of NFT Startup Proof. “Uptober is here,” an anonymous researcher tweeted last week.
Dapradar's report may provoke. Looks like a WAGMI The expectation among some NFT traders is that the $405 million in NFT trading volume in October is a small sum compared to the $2 billion in JPEGs in March. Additionally, NFT sales continued to decline last month.
Despite the increase in transaction value, the total number of NFTs traded in October fell by 5%, from 3.58 million in September to 3.4 million last month, Dapradar reported. Still, it was less severe than in August when NFT sales fell by 290,000.
Edited by Andrew Hayward.
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