There may have been a dip in non-fungible token (NFT) trading volume and sales in October, but the analytics firm DappRadar claims that an 18% growth in unique monthly NFT traders demonstrates that the market remains in “high demand.”
According to a November 3 report from DappRadar, the number of monthly unique NFT traders in October reached 1.11 million, which is an 18% increase from September of approximately 950,000.
This comes despite trading volumes falling 30% to $662 million in October, the lowest on record in 2022, while the sales count fell 30% to 6.13 million, the firm said, adding:
“The increase in unique trader count indicates that new people are entering the NFT market, and it continues to be in high demand.”
It’s been a busy month for the NFT community.
At least two other NFT markets switched to an optional royalty model, including Solana-based Magic Eden and Ethereum-based LooksRare.
The report also highlighted that Yuga Labs has continued to dominate the NFT market, with seven of the top ten sales for the month coming from CryptoPunk and Bored Ape Yacht Club.
Of these sales, CryptoPunk#924 was the most valuable as it was sold for 475 Ether (ETH) on October 27, which is valued at $731,435. at the time of writing this article.
For its part, Ethereum NFT trading volume continued to decline for the second quarter in a row, falling 21% over the past month to $324 million, representing the lowest volume recorded by DappRadar since June 2021.
In brighter news, Polygon’s NFT trading volume has soared 770% over the past month, fueled by the success of Reddit’s NFT collections as the main driver behind the surgeaccording to DappRadar.
Since its launch in July, more than 2.9 million Reddit avatars have been minted, reaching more than 2.8 million wallets, and Dune analytics data suggests that at the end of October the collection finished with a sales volume of $10.1 million.
Trading volume looks set to continue to increase for the layer 2 solution over the next month as Meta announced on November 2 that Polygon would be its initial partner for its upcoming NFT tools.
The report also mentioned that Dogecoin (DOGE) had been the best performing token of the month, closing the month 50% higher than when it started and citing Elon Musk’s acquisition of Twitter and the announcement of Dogechain’s future roadmap as the drivers. .
It also highlighted an increase in the average number of unique active wallets, up 6.84% from the previous month. DappRadar pointed to staking provider Lido joining Arbitrum and Optimism, as well as a partnership between the Near Foundation and Google Cloud as drivers of this surge.
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