NFTs In ‘High Demand’ As Unique Traders Rise 18% In October – DappRadar

NFTs – Nonfungible Tokens trading volume and sales may have decreased in October, but analytics company DappRadar claims an increase of 18% in monthly unique NFT traders, demonstrates the market is still in “great demand.”

iexclusivenews reports that DappRadar reported on Nov. 3 that there were 1.11 million monthly unique NFT traders in October, up 18% from the roughly 950,000 traders there were in September.

This is true even though the firm reported that trading volumes fell 30% to $662 million in October, the lowest level ever recorded in 2022, and sales fell 30% to 6.13 million:

“The rise in the unique traders’ count indicates that new people are entering the NFTs market, and it is still in great demand.”

The month was a busy one for the NFT community.

At least two more NFT marketplaces, including Solana-based Magic Eden and Ethereum-based LooksRare, have switched to an optional royalty model.

The report also stated that Yuga Labs has maintained its dominance in the NFTs market, with CryptoPunk and Bored Ape Yacht Club accounting for seven of the top ten sales for the month.

CryptoPunk#924 was the most valuable of these sales, selling for a whopping 475 Ether (ETH) on Oct. 27, which is currently worth $731,435 at the time of writing.

Meanwhile, Ethereum’s NFT trading volume has continued to fall for the second consecutive quarter.

Falling 21% in the last month to $324 million, the lowest volume recorded by DappRadar since June 2021.

What You Need To Know

According to DappRadar, Polygon’s NFT trading volume has increased by 770% in the last month, owing to the success of Reddit NFT collections.

Since their launch in July, more than 2.9 million Reddit avatars have been minted. Which have found their way into more than 2.8 million wallets, with Dune analytics data indicating a sales volume of $10.1 million in October.

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The trading volume for the layer-2 solution appears to be increasing over the next month. With Meta announcing on Nov. 2 that Polygon would be its initial partner for its upcoming NFT tools.

According to the report, Dogecoin (DOGE) was the best-performing token of the month. Closing the month 50% higher than when it began. With Elon Musk’s Twitter takeover and the announcement of Dogechain’s future roadmap cited as the drivers.

However, iexclusivenews Nigeria reports that it also noted an increase in the average number of unique active wallets, which was 6.84% higher than the previous month.

DappRadar attributed the increase to staking provider Lido being integrated into Arbitrum and Optimism, as well as a partnership between the Near Foundation and Google Cloud.