Despite a decline in NFT trading volumes and sales counts during October, the number of unique traders each month climbed, according to a research by DappRadar.
Despite a fall in nonfungible token (NFT) trading volume and sales in October, analytics company DappRadar reports an 18% increase in monthly unique NFT traders demonstrates the market is “in high demand.”
DappRadar reported on November 3 that the number of monthly unique NFT traders hit 1.11 million in October, up 18% from September’s figure of about 950,000.
This is despite trade volumes decreasing 30% to $662 million in October, the lowest level since 2022, and revenues plunging 30% to 6.13 million, according to the company, which added:
“The rise in the unique traders’ count indicates that new people are entering the NFT market, and it is still in great demand.”
At least two more NFT markets use an optional royalty model, including Magic Eden (Solana) and LooksRare (Ethereum).
The survey also revealed that Yuga Labs continues to dominate the NFT industry, with CryptoPunk and Bored Ape Yacht Club accounting for seven of the top 10 monthly sales.
The most lucrative of these sales was CryptoPunk#924, which sold for a whooping 475 ETH, or $731,435 at the time of writing.
In the meanwhile, Ethereum’s NFT trading volume continues to plummet for a second consecutive quarter, falling 21% over the last month to $324 million, the lowest level recorded by DappRadar since June 2021.
According to DappRadar, Polygon’s NFT trade volume has increased by 770% over the last month, with the popularity of the Reddit NFT collections serving as the primary engine.
Since their release in July, more than 2.9 million Reddit avatars have been created, which have made their way into more than 2.8 million wallets, with Dune analytics data indicating that the collection completed October with a sales volume of $10,1 million.
Meta said on November 2 that Polygon will be its debut partner for its forthcoming NFT tools, indicating that the trade volume for layer-2 solutions is anticipated to increase over the following month.
The research also noted that Dogecoin was the best-performing token of the month, completing the month 50% higher than it started, with Elon Musk’s Twitter takeover and the release of Dogechain’s future plan cited as the catalysts.
In addition, the average number of unique active wallets increased by 6.84% over the previous month. DappRadar attributed this growth to the incorporation of stake provider Lido into Arbitrum and Optimism as well as a cooperation with the Near Foundation and Google Cloud.
