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NFT trading volume nears $1 Billion amid bullish sentiment

NFT: NFT trading volume nears $1 Billion amid bullish sentiment

As the cryptocurrency markets enter a bullish phase, the trading of #non-fungible tokens (NFTs) has started to gain momentum. According to data published by the decentralized analytics platform #DappRadar, the trading volume in the NFT sector has approached $1 billion in November.

The report highlights that the NFT industry is experiencing a consecutive upward momentum for the second month in a row. In November, the trading volume increased by 125%, indicating a shift in user behavior compared to the previous decline in NFT trading.

On November 6th, the analytics company #Nansen reported that NFT trading volumes continued to grow on a weekly basis in October, from $56 million for the week ending October 9th to $129 million for the week ending November 5th.

NFT trading volume nears $1 Billion amid bullish sentiment
NFT trading volume and sales count. Source: dappradar.com

Industry leaders in the Web3 space believe that this trend may continue in the coming months. On November 14th, Jonathan Perkins, the co-founder of SuperRare, stated that the worst of the bear market is behind us and the situation is starting to change.

In addition to the increase in trading volume, the average transaction cost of NFTs has also risen by 114%, reaching $270 in November from $126. This indicates a growing interest and value in NFTs among investors and collectors.

The report also highlights the growth in daily unique active wallets (UAW) in blockchain games. According to DappRadar, UAW for #blockchain games increased by 14% and dominated 34% of the market in the #decentralized application industry. DappRadar noted that this sector continues to be a fundamental pillar of the decentralized ecosystem.

The rising trend of NFT trading and the increasing value of transactions demonstrate the growing acceptance and adoption of NFTs in the cryptocurrency market. As more investors and collectors recognize the unique value and potential of NFTs, this sector is expected to continue its upward trajectory in the coming months.

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