NFT Trading Volume Approaches $1 Billion Amidst Bullish Signals

• According to the report from DappRadar, the NFT trading volumes are nearing $1 billion in November.
• According to CoinMarketCap, the overall market cap of NFT stood at $28,509,732,203 and witnessed a 2.63% gain.
• The trading volume, too, witnessed a 114% hike in November, indicating a shift in user behaviour compared to earlier downturns in NFT trading.

For anyone who thought the nonfungible token market (NFT) markets were dead, think again. According to the latest reports, as the crypto markets witnessed the surge, the NFT market is also seeing a bull run. According to the report from DappRadar, the NFT trading volumes are nearing $1 billion in November.

In fact, according to CoinMarketCap, the overall market cap of NFT stood at $28,509,732,203 and was witnessing a 2.63% gain. The DappRadar report showcased a robust and bullish trajectory, achieving an impressive milestone of 3.4 million daily Unique Active Wallets (dUAW). This represents a 7% growth from the previous month and establishes a new peak for the year. The industry’s upward trend aligns with the growing excitement and expansion seen in recent times.

The trading volume, too, witnessed a 114% hike in November, indicating a shift in user behaviour compared to earlier downturns in NFT trading. The average value of the NFT transactions has surged to $270 from $126.

Image credit: DappRadar

OKX becomes the second-largest NFT marketplace

OKX NFT marketplace has now become the second-largest NFT marketplace after Blur Ethereum. OKX NFT marketplace has ascended to the second position, securing a substantial 32% dominance in the NFT sector. In line with the burgeoning trend in the NFT industry, a closer examination of the top NFT marketplaces this month reveals significant developments and shifts in market dominance.

Earlier, market leader OpenSea has now dropped to third spot, holding a 10% market share in trading volume. However, it stands out as the most dominant marketplace regarding the number of traders, reaffirming its status as the most well-known and widely used NFT trading platform for the general public.

‘Bear market is behind us’

Nansen also reported positive sales volume in October. According to the report released by Nansen on 6 November, NFT sales consistently went up, from $56 million in the week ending on 9 October to $129 million in the week ending on 5 November.

Apart from the uptick in trading volume, the average value of NFT transactions increased by 114%, climbing from $126 to $270 in November. An earlier DappRadar report showed that in the third quarter of 2023 alone, blockchain gaming secured $600 million in investments despite lower crypto market prices than its peaks.

But, there was also a significant uptick in the hacking activity, with over $311 million in crypto assets stolen by hackers exploiting smart contracts and duping investors.

Conclusion

Recent trends indicate a significant uptick in trading volume within NFT marketplaces, marking a dynamic shift in how collectors, investors, and creators engage with these unique digital assets.

The surge in trading volume within NFT marketplaces is a compelling indicator of the transformative power of digital assets and blockchain technology. The diverse applications of NFTs, increased celebrity involvement, and growing interest from traditional industries have propelled these unique tokens into the mainstream.

As the NFT market evolves, stakeholders must remain vigilant, addressing challenges and fostering a sustainable ecosystem. The surge in trading volume is not just a momentary trend but a reflection of the broader paradigm shift in how we perceive, value, and exchange digital assets in the modern digital economy.

Disclaimer

The information discussed by CoinCryptoverse does not offer any financial advice. This is for educational, entertainment, and informational purposes only. Trading in cryptocurrencies involves high risks, including the risk of losing some or all of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are highly volatile and may be affected by external factors such as financial, regulatory, or political events.