After months of declining sales and volumes, the NFT market experienced a noticeable rebound in October, with trading volumes surging by 32% from the previous month, according to a DappRadar report. Even with relatively modest levels compared to the March peak, this uptick may still indicate a potential revival in the NFT space.
Crypto’s JPEG market is showing signs of life, even amid mass layoffs at OpenSea, one of the biggest marketplaces in the market.
“This October we reversed the negative trend of the NFT volume, up by 32% from September. The trading volume is now back at more than $405 million, but the number of sales is down 5%,” — DappRadar.
This relative growth in the NFT market comes amid signs of warmth in the broader digital assets industry, coinciding with a notable Bitcoin rally, hitting a new high for the year.
Across all networks, a 50% jump in NFT trading volume on Ethereum has kept it in the “lead of the pack.” Immutable X is second, driven by Gods Unchained, Cross the Ages, and Illuvium.
Meanwhile, other chains like Polygon, Starkware, and Flow have seen a significant drop in sales volume of 48%, 42%, and 32%, respectively.
Beyond Ethereum, another blockchain deserving mention is Solana, with a 15% increase in NFT trading volume on its network in October, earning fifth place in the rankings. Its native token SOL meanwhile surges in value by ~65%, with an even higher peak in the moment.
Despite the increase in trade value, the number of NFTs sold in October fell by 5%, indicating the increase was due to the higher value of individual NFTs rather than the number of transactions.
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Yuga Labs maintains a strong presence in the top NFT collections, with Bored Ape Yacht Club sales up by 53% in volume and a 46% increase in the number of sales for October. Another Yuga Labs collection, the Mutant Ape Yacht Club (MAYC), can be found in second place, although it didn’t perform as impressively as its more prominent sibling.
As the flow of JPEGs grew in October, the floor prices of NFTs on secondary markets also rose for several prominent profile picture projects (PFPs). For example, the starting price of NFT from Bored Ape Yacht Club rose from $40,000 worth of Ethereum to around $55,000.
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