Monthly NFT trading volume
The NFT market staged a rebound alongside the overall crypto market with sales volume reaching US$0.31B in October, recording an increase of 6.9% MoM. This provides some solace to NFT holders as the NFT market has been hit hard by the bear market. Nansen's NFT-500 index revealed a 58% decline on a year-to-date ("YTD") ETH basis, and the Blue-Chip-10 index dipped 50% YTD, dragged down by the relatively poor performance of profile picture NFTs, which have the highest market capitalization by category. Overall, the tough year for NFTs has continued, with categories tracked by Nansen being down between 50% and 65% YTD. However, as reflected in October data, we are starting to see a silver lining in the market as NFTs notched gains across most categories on a MoM basis except for art, which remained weak.