In October, the NFT market made a significant comeback, with a 32% increase in trading volume, reaching $405 million from $306 million in September. This surge brought the market back to August levels, indicating a notable recovery.
While 2021 and early 2022 witnessed a booming NFT craze, this year has been challenging, particularly for profile picture (PFP) projects. Even established collections like Bored Ape Yacht Club (BAYC) faced a cooling market due to the extended crypto winter. However, there are signs of a potential turnaround in the broader digital asset sector.
The October NFT surge coincided with Bitcoin’s price surpassing $35,000, its highest in 16 months, driven by expectations of a potential approval of a spot Bitcoin ETF in the U.S. DappRadar also noted a 15% growth in trading volume on the Solana network, alongside Solana’s price increase of 65%.
Ethereum, the second-largest cryptocurrency, saw a 50% increase in collectibles trading volume, solidifying its lead among all networks. The surge in trading volume corresponded with an increase in the floor price, the minimum listed price of NFTs on secondary marketplaces.
Although the NFT market saw promising growth in October, the $405 million trading volume remains significantly lower than the $2 billion in March. Despite a 5% decrease in the overall number of NFTs sold, the decline was less severe than in August. Overall, the NFT market in October presents a mixed picture, with lower sales and volume compared to previous peaks.
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