Nearing $1B NFT trading volume rises amid a bullish market trend
In the month of November, the nonfungible token (NFT) market experienced a noteworthy surge, riding the bullish wave of the crypto markets. According to data from DappRadar, a decentralized app tracking platform, NFT trading volume approached the impressive milestone of $1 billion during this period, marking a substantial 125% increase in trading volume. This surge represents a significant shift in user behavior, deviating from previous downtrends observed in NFT trading.
A report by DappRadar highlighted the sustained upward momentum of the NFT industry for the second consecutive month. Notably, on November 6, analytics firm Nansen reported a continuous weekly increase in NFT sales volumes throughout October, rising from $56 million in the week ending on October 9 to $129 million in the week ending on November 5.
Industry leaders and executives within the Web3 space anticipate this positive trend to extend into the coming months. Jonathan Perkins, co-founder of SuperRare, expressed optimism, stating that the worst of the bear market is now "behind us," and a positive turnaround is underway.
In addition to the surge in trading volume, the average value of NFT transactions witnessed a substantial increase of 114%, climbing from $126 to $270 in November. This surge in average transaction value signifies increased value and demand within the NFT market.
The report from DappRadar also shed light on the growing engagement in blockchain gaming, with a notable 14% increase in daily unique active wallets (UAW). On-chain gaming UAWs now hold a 34% market dominance within the decentralized applications industry, indicating that the gaming sector continues to be a foundational pillar in the decentralized ecosystem.
Despite an overall bearish sentiment throughout the year, blockchain gaming projects demonstrated resilience, securing an impressive $2.3 billion in investments from the beginning of 2023 up to October. A previous DappRadar report highlighted that, in the third quarter of 2023 alone, blockchain gaming projects attracted $600 million in investments, showcasing remarkable growth even in the face of lower crypto market prices compared to previous peaks.
