According to data released by the decentralized application tracking platform DappRadar, as the cryptocurrency market shifts towards a bullish trend, non-fungible token (NFT) trading has started to join the surge, with a volume of nearly $1 billion in November.
The report highlights that the NFT sector has sustained its upward momentum for the second consecutive month. Trading volume increased by 125% in November, indicating a shift in user behavior compared to previous downtrends in NFT trading.
On November 6, Nansen, an analytics company, reported that NFT sales volume showed continuous weekly growth throughout October. NFT sales figures kept rising, from $56 million in the week ending on October 9 to $129 million in the week ending on November 5.
Operators working in the Web3 space believe this trend may continue in the coming months. On November 14, Jonathan Perkins, co-founder of SuperRare, stated that the worst of the bear market is “behind us” and things are beginning to change.
In addition to the increase in trading volume, the average value of NFT transactions also rose by 114%, going from $126 to $270 in November.
The report also noted an increase in the number of unique daily active wallets (UAW) in blockchain games. According to DappRadar, UAW in blockchain gaming saw a 14% increase and accounted for 34% market dominance in the decentralized application industry. DappRadar emphasized that this sector “continues to be a fundamental pillar” in the decentralized ecosystem.
Despite the seemingly bearish sentiment throughout the year, blockchain gaming projects have managed to secure $2.3 billion in investment from the beginning of 2023 to October. A previous report by DappRadar revealed that in Q3 2023 alone, blockchain games secured $600 million in investment, despite the cryptocurrency market’s lower prices compared to its peak.