NFTs still in ‘great demand’ as unique traders rise 18% in Oct: DappRadar

NFTs still in ‘great demand’ as unique traders rise 18% in Oct: DappRadar


October might have seen a decline in nonfungible token (NFT) buying and selling quantity and gross sales, however analytics agency DappRadar says an 18% development in month-to-month unique NFT traders reveals the market is still in “great demand.”

According to a Nov. 3 report from DappRadar, the variety of month-to-month unique NFT traders in October reached 1.11 million, growing 18% from September, of roughly 950,000. 

This is regardless of buying and selling volumes falling 30% to $662 million in October, the bottom registered in 2022, whereas the gross sales rely decreased by 30% to six.13 million, the agency mentioned, including:

“The rise in the unique traders’ count indicates that new people are entering the NFT market, and it is still in great demand.”

Number of month-to-month unique NFT traders (tens of millions). Source: DappRadar

The month was a busy one for the NFT neighborhood.

At least two extra NFT marketplaces shift to an non-obligatory royalty mannequin, together with Solana-based Magic Eden and Ethereum-based LooksRare.

The report additionally highlighted that Yuga Labs has continued to dominate the NFT market, with seven of the highest ten gross sales for the month coming from CryptoPunk and Bored Ape Yacht Club.

Of these gross sales, CryptoPunk#924 was essentially the most beneficial, promoting for a whopping 475 Ether (ETH) on Oct. 27, which is valued at $731,435 on the time of writing.

Meanwhile, Ethereum’s NFT buying and selling quantity continued to say no for the second straight quarter, falling 21% over the past month to $324 million, which represents the bottom quantity registered by DappRadar since June 2021.

In brighter information, Polygon’s NFT buying and selling quantity has spiked 770% over the past month, pushed by the success of the Reddit NFT collections as the primary driver behind the surge, in accordance with DappRadar.

Since their launch in July, greater than 2.9 million Reddit avatars have been minted, which have discovered their means into greater than 2.8 million wallets, with Dune analytics knowledge suggesting October completed with the gathering having a gross sales quantity of $10.1 million.

The buying and selling quantity appears more likely to proceed growing for the layer-2 answer over the subsequent month, with Meta saying on Nov. 2 that Polygon can be its preliminary accomplice for its upcoming NFT instruments.

Related: NFTs bridge music communities throughout genres and blockchain ecosystems

The report additionally talked about that Dogecoin (DOGE) had been the best-performing token of the month, closing the month 50% increased than when it started and citing Elon Musk’s Twitter takeover and the announcement of Dogechain’s future roadmap as the drivers.

It additionally highlighted a rise in the common variety of unique energetic wallets, up 6.84% from the earlier month. DappRadar pointed to staking supplier Lido being integrated inside Arbitrum and Optimism as effectively as a partnership between the Near Foundation and Google Cloud as the drivers for this improve.



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