As cryptocurrency markets turn bullish, non-fungible token (NFT) trading has begun to join the wave, approaching $1 billion in volume in November, according to data released by decentralized app tracking platform DappRadar. The report highlights that the NFT industry maintained upward momentum for the second month in a row. Trading volume increased 125% in November, indicating a change in user behavior from the previous downturn in NFT trading. NFT sales grew sequentially, from $56 million in the week ending October 9th to $129 million in the week ending November 5th.
In addition to the increase in trading volume, the average NFT transaction value also increased by 114%, rising from $126 to $270 in November. The report also noted an increase in daily unique active wallets (UAW) in blockchain games. According to DappRadar, UAW for online games grew by 14% and dominated the market in the decentralized application industry with a 34% share. DappRadar noted that the sector “continues to be the fundamental backbone” of the decentralized ecosystem.
Despite seemingly bearish sentiment throughout the year, gaming blockchain projects managed to attract $2.3 billion in investment from the start of 2023 through October. An earlier report from DappRadar found that blockchain games generated $600 million in investment in the third quarter of 2023 alone, despite crypto market prices being lower compared to their peak.
