As crypto markets turn bullish, nonfungible token (NFT) trading has started to join the wave, with a volume nearing $1 billion in November, according to data published by the decentralized app tracking platform DappRadar.
The report highlighted that the NFT industry maintained an upward momentum for the second month in a row. Trading volume surged by 125% in November, suggesting a shift in user behavior compared to earlier downturns in NFT trading.
On Nov. 6, analytics firm Nansen reported that NFT sales volumes showed continued weekly increases in October. NFT sales consistently went up, from $56 million in the week ending on Oct. 9 to $129 million in the week ending on Nov. 5.
Executives working in Web3 believe that this trend may continue further in the coming months. On Nov. 14, SuperRare co-founder Jonathan Perkins told Cointelegraph that the worst of the bear market is “behind us” and things are starting to turn around.
Apart from the uptick in trading volume, the average value of NFT transactions also increased by 114%, climbing from $126 to $270 in November.
The report also noted increased daily unique active wallets (UAW) in blockchain gaming. According to DappRadar, on-chain gaming UAWs saw a rise of 14% and had a 34% market dominance in the decentralized applications (DApps) industry. DappRadar noted that the sector “continues to be a fundamental pillar” in the decentralized ecosystem.
Despite a seemingly bearish mood all year, blockchain gaming projects managed to secure $2.3 billion in investments from the start of 2023 up to October. An earlier DappRadar report showed that in the third quarter of 2023 alone, blockchain gaming secured $600 million in investments despite crypto market prices being lower compared to its peaks.