NFT Trading Volume Increases by 32% in October, First Positive Growth of the Year

After several months of declining volume, October has shown a resurgence in the NFT market.

NFT Trading Volume Increases by 32% in October, First Positive Growth of the Year

According to data from DappRadar, the NFT trading volume in October increased by $99 million compared to the previous month, marking the first increase in 2023. Specifically, September's volume was $306 million, while October's volume was $405 million, a 32% rise.

Monthly NFT sales and trading volume. Source: DappRadar

"An extended downtrend has been broken."

The report highlights that Solana is currently a noteworthy NFT network. NFT trading volume on the Solana network increased by 15%, rising from $24 million to $27.6 million.

Part of the reason could be attributed to the growth in token prices. As Coin68 reported, SOL led the way in October with a more than 80% increase, surpassing many other competitors.

Top 20 coins with the highest growth in October 2023

It seems Solana's "winter" has passed, with the project returning to the Layer-1 race with positive developments. Even VanEck predicts that SOL's price could reach $3,211 by 2030.

However, Ethereum remains the "king" in the NFT space. NFT trading volume on the Ethereum network surged by 50%, reaffirming its leading role in the blockchain space.

Nevertheless, a single month of positive growth is not enough to prove that the NFT market's downturn has ended. Numerous web3 companies continue to reduce their workforce, such as OpenSea cutting 50% of its staff, Yuga Labs laying off employees, and an investor deciding to "sell at a loss" 624 ETH after nearly a year of holding BAYC NFTs, indicating that the digital art sector is still struggling.

The fate of top NFT collections still shows limited improvement. Although some collections like DeGods and Milady Maker saw volume growth in October, most collections still have significantly decreased floor prices and are far from their "golden age."

Top 10 NFT collections by trading volume. Source: DappRadar

The DappRadar October report contains more interesting information, which readers can explore further here.