The surge in the cryptocurrency market's bullish turn has propelled non-fungible token (NFT) trading, with its volume nearing $1 billion in November, as per data disclosed by DappRadar, a decentralized application tracking platform.
The report underlines the sustained upward trajectory of the NFT industry for the second consecutive month. November witnessed a remarkable 125% surge in transaction volume, signaling a notable shift in user behavior from the earlier sluggish NFT trading phase. Nansen, an analytics firm, highlighted on November 6 that NFT sales continued their weekly growth throughout October. Sales figures escalated from $56 million in the week ending October 9 to $129 million by November 5.
Web3 industry leaders foresee this trend likely persisting in the forthcoming months. Jonathan Perkins, the co-founder of SuperRare, expressed on November 14 that the worst of the bear market had passed and improvements were beginning to surface.
In conjunction with the rise in transaction volume, there was a notable upsurge of 114% in the average value of NFT transactions, reaching $270 from $126 in November. Additionally, the report highlighted an uptick in the daily unique active wallets (UAW) within blockchain gaming. DappRadar data revealed a 14% growth in on-chain gaming UAW, commanding a 34% market share within the decentralized application industry. DappRadar emphasized that the gaming sector "remains a critical pillar of the decentralized ecosystem."
Despite an ostensibly subdued market sentiment throughout the year, blockchain gaming ventures have successfully secured an investment totaling $2.3 billion from the beginning of 2023 up to October. A prior DappRadar report unveiled that blockchain games amassed $600 million in investment in the third quarter of 2023, notwithstanding cryptocurrency market prices lingering below their peak levels.
