According to the data released by the decentralized application tracking platform DappRadar, as the cryptocurrency market turns bullish, non-fungible token (NFT) trading has also joined the trend, with the trading volume in November approaching nearly $1 billion.
The report emphasizes that the NFT industry has maintained its upward momentum for the second consecutive month. The trading volume in November surged by 125%, indicating a shift in user behavior compared to the previous sluggish NFT trading.
On November 6, analytics company Nansen released a report stating that NFT sales volume showed sustained weekly growth in October. NFT sales continued to rise, increasing from $56 million in the week ending October 9 to $129 million in the week ending November 5.
Executives working in the Web3 space believe that this trend may further continue in the coming months. On November 14, SuperRare co-founder Jonathan Perkins told Cointelegraph that the worst period of the bear market is "over" and the situation is beginning to improve.
In addition to the increase in trading volume, the average value of NFT transactions also grew by 114%, rising from $126 to $270 in November.
The report also points out that the daily active wallets (DAW) for blockchain games have increased. According to DappRadar, on-chain game DAWs have grown by 14%, accounting for 34% of the market dominance in the decentralized applications (DApps) industry. DappRadar notes that this industry "remains a fundamental pillar of the decentralized ecosystem."
Despite appearing bearish for the whole year, blockchain gaming projects have successfully raised $2.3 billion in investment from 2023 to October. A previous report from DappRadar showed that blockchain games received $600 million in investment in just the third quarter of 2023, despite a decline in cryptocurrency market prices from their peak.
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