As cryptocurrency markets take on a bullish stance, nonfungible token (NFT) trading is catching the wave, approaching a staggering $1 billion in volume for the month of November. This revelation comes from the latest data released by DappRadar, a decentralized app tracking platform.
Sustained Momentum in the NFT Industry
The report underscores the NFT industry’s sustained upward momentum for the second consecutive month. November witnessed a remarkable 125% surge in trading volume, signaling a noteworthy shift in user behavior compared to previous downturns in NFT trading.
Analyzing the weekly trends, analytics firm Nansen reported continued increases in NFT sales volumes throughout October. From $56 million in the week ending on October 9, the sales consistently rose, reaching $129 million by the week ending on November 5.
Optimism from Web3 Executives
Executives within the Web3 space express optimism regarding the ongoing trend. Jonathan Perkins, co-founder of SuperRare, stated that the worst of the bear market is now “behind us,” with a positive turnaround underway.
In addition to the uptick in trading volume, the average value of NFT transactions experienced a substantial 114% increase. Moving from $126 to $270 in November, this surge further signifies the growing prominence of NFTs in the market.
DappRadar’s report also sheds light on the increased daily unique active wallets (UAW) in blockchain gaming. On-chain gaming UAWs observed a notable 14% rise, claiming a remarkable 34% market dominance in the decentralized applications (DApps) industry. DappRadar emphasizes that the gaming sector remains a “fundamental pillar” in the decentralized ecosystem.
Blockchain Gaming’s Investment Resilience
Despite an apparent bearish sentiment throughout the year, blockchain gaming projects managed to secure a substantial $2.3 billion in investments from the beginning of 2023 up to October. A previous DappRadar report highlights that in the third quarter of 2023 alone, blockchain gaming secured $600 million in investments, defying market price fluctuations.
Read More:
Binance Founder CZ Faces Travel Restrictions Amid Sentencing Concerns
Bitcoin Miners’ Investment Pays Off in Less Than a Year, According to Hive Digital