NFT Trading Volume Approaching $1B As Markets Grow: Report
While crypto markets have been bullish, non-vulnerable token (NFT) trading has begun to join the wave, with volume approaching $1 billion in November, according to data published by decentralized app tracking platform DappRadar.
The report highlighted that the NFT industry was up for the second month in a row. Trading volume increased by 125% in November, which is a change in user behavior compared to NFT trading.
On November 6, the analyst firm Nansen reported that NFT sales volumes continued to increase weekly in October. NFT sales increased steadily, from $56 million in the week ending October 9 to $129 million in the week ending November 5.
Executives working in Web3 believe that this trend will continue in the coming months. On November 14, Jonathan Perkins, co-founder of SuperRare, told Cointelegraph that the worst of the bear market is “behind us” and things are starting to turn around.
In addition to the increase in trading volume, the average price of NFT transactions increased by 114%, rising from $126 to $270 in November.
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The report also noted the daily increase of unique active wallets (UAW) in blockchain games. According to Dapradar, on-chain gaming UAWs saw 14% growth and a 34% market dominance in the decentralized applications industry. Dapradar said the sector “will continue to be a cornerstone” in the decentralized ecosystem.
Despite looking gloomy throughout the year, blockchain gaming projects managed to generate $2.3 billion in investments from early 2023 to October. According to an earlier Dapradar report, only in the third quarter of 2023, blockchain games will receive 600 million dollars of investments, despite the fact that the value of the crypto market is low compared to the highs.
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