🔥 NFT trading volume reached US$405 million in October, an increase of 32% from September. This marks significant growth in the NFT market in October.
📊According to a data report released by DappRadar, the NFT market experienced significant growth in October, although it has not yet reached historical peak levels.
The report noted that NFT trading volume increased by $99 million in October from the previous month, marking a break from a year-long downward trend in NFT trading volume. It rose to $405 million last month from $306 million in September, a level not seen since August.
📊DappRadar’s report also highlights Solana as a significant growth network. NFT transaction volume increased by 15% on Layer-1, from $24 million to $27.6 million. Meanwhile, Solana's price rose 65% in October, from $23 to about $38.
The report also noted that Ethereum’s NFT transaction volume increased by 50%, which was called “ahead of other networks.”
Although the NFT market transaction value increased, the report also showed that the total number of NFTs sold decreased by 5% in October, from 3.58 million in September to 3.4 million. However, the decline was smaller than the decline in August.
NFTs represent ownership of a unique digital asset and are commonly used in the world of digital art and virtual assets. Although the NFT market has been frothy in 2021 and early 2022, this year has not been easy for some avatar projects PFP, because of the enthusiasm for collections like Yuga Labs’ Bored Ape Yacht Club (BAYC) amid the ongoing crypto winter. Cooled down somewhat.
📊According to NftGo data, Bored Ape Yacht Club (BAYC) accounts for 10.1% of the total NFT market value, while CryptoPunks accounts for 16.07% of the total market value. This shows that these two NFT projects have a considerable share of the NFT market, reflecting their importance in the fields of digital art and virtual assets.
Although the NFT market saw growth in October, the floor prices of some popular PFP projects also increased. For example, the floor price of Bored Ape Yacht Club's (BAYC) NFT increased from $40,000 worth of ether to roughly $55,000. This shows that the price increase of some NFT projects may be affected by market popularity and scarcity.
