Even though the number of NFT trades and sales fell in October, the number of unique traders per month went up, according to a DappRadar report.
Nonfungible token (NFT) trading volume and sales went down in October, but an 18% increase in the number of unique NFT traders each month shows that the market is still “in great demand,” according to the analytics firm DappRadar.
A report from DappRadar on November 3 said that the number of unique NFT traders per month reached 1.11 million in October, up 18% from September, when there were about 950,000.
Even though trading volumes fell 30% to $662 million in October, which was the lowest since 2022, and the number of sales fell 30% to 6.13 million, the company said:
“The rise in the unique traders’ count indicates that new people are entering the NFT market, and it is still in great demand.”
The NFT community had a lot to do this month.
At least two more NFT marketplaces, including Solana’s Magic Eden and Ethereum’s LooksRare, switch to an optional royalty model.
The report also said that Yuga Labs has continued to dominate the NFT 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. It sold on Oct. 27 for 475 Ether, which is worth $731,435 as of this writing.
Also, Ethereum’s NFT trading volume has been going down for the last two quarters. In the last month, it dropped 21% to $324 million, which is the lowest volume DappRadar has seen since June 2021.
In better news, DappRadar says that the success of the Reddit NFT collections is the main reason why Polygon’s NFT trading volume has gone up by 770% in the last month.
Since their release in July, more than 2.9 million Reddit avatars have been made, and more than 2.8 million people have put them in their wallets. According to Dune Analytics, the collection made $10,1 million in sales in October.
The trading volume for the layer-2 solution is likely to keep going up over the next month. On November 2, Meta announced that Polygon would be the first partner for its upcoming NFT tools.
The report also said that Dogecoin had been the best-performing token of the month, ending the month 50% higher than when it started. Elon Musk’s takeover of Twitter and the announcement of Dogechain’s future roadmap were given as reasons for this.
It also showed that the average number of unique active wallets had gone up by 6.84% from the month before. DappRadar said that the reasons for this growth were the staking provider Lido being added to Arbitrum and Optimism and a partnering between the Near Foundation and Google Cloud.