As crypto markets turn bullish, non-fungible token (nft) trading has begun to join the wave, with volume approaching $1 billion in November, according to data released by decentralized app tracking platform DappRadar.
The report highlighted that the nft industry maintained upward momentum for the second consecutive month. Trading volume increased 125% in November, suggesting a change in user behavior compared to previous drops in nft trading.
On November 6, analytics firm Nansen reported that nft sales volumes showed continued weekly increases in October. nft sales increased steadily, from $56 million in the week ending October 9 to $129 million in the week ending November 5.
Executives working at Web3 believe this trend may continue in the coming months. On November 14, SuperRare co-founder Jonathan Perkins told Cointelegraph that the worst of the bear market is “behind us” and that things are starting to change.
In addition to the increase in trading volume, the average value of nft transactions also increased by 114%, rising from $126 to $270 in November.
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The report also noted an increase in daily unique active wallets (UAWs) in blockchain games. According to DappRadar, chain gaming UAWs saw a 14% increase and had a 34% market dominance in the decentralized applications industry. DappRadar noted that the sector “remains a fundamental pillar” in the decentralized ecosystem.
Despite a seemingly bearish mood throughout the year, blockchain gaming projects managed to secure $2.3 billion in investments from early 2023 through October. A previous report by DappRadar showed that in the third quarter of 2023 alone, blockchain games garnered $600 million in investments despite cryptocurrency market prices being lower compared to their peaks.
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