A report from DappRadar found that despite a drop in NFT trading volumes and sales figures during October, monthly sole traders increased.
October may have seen a drop in non-fungible token (NFT) trading volume and sales, but analytics firm DappRadar says an 18% growth in monthly unique NFT traders shows the market still has a “great demand”.
According to a Nov. 3 report from DappRadar, the number of monthly unique NFT merchants reached 1.11 million in October, up 18% from September of about 950,000.
This despite trading volumes falling 30% to $662 million in October, the lowest on record in 2022, while sales fell 30% to 6.13 million, the company said, adding:
“The increase in the number of sole traders shows that new people are entering the NFT market and there is still a high demand.”
Number of monthly unique NFT merchants (millions). Source: DappRadar
The month has been a busy one for the NFT community.
At least two more NFT markets are switching to an optional royalty model, including Solana-based Magic Eden and Ethereum-based LooksRare.
The report also highlighted that Yuga Labs dominated the NFT market, with seven of the top ten sales for the month coming from CryptoPunk and Bored Ape Yacht Club.
Of these sales, CryptoPunk #924 was the most valuable, selling for a whopping 475 Ether.
on October 27, which at the time of writing is valued at $731,435.
Meanwhile, Ethereum NFT transaction volume continued to decline for the second quarter in a row, falling 21% last month to $324 million, representing the lowest volume recorded by DappRadar since June 2021.
In brighter news, Polygon’s NFT trading volume increased 770% in the last month, fueled by the success of Reddit’s NFT collections as the main driver of the increase, according to DappRadar.
Since its launch in July, more than 2.9 million Reddit avatars have been minted, reaching more than 2.8 million wallets, and Dune analytics data suggests that October will end the collection with sales volume. of $10.1 million.
Trading volume is likely to continue to grow for the Layer-2 solution over the next month, and Meta announced on November 2 that Polygon would be its initial partner for its upcoming NFT tools.
Related: NFT Unites Music Communities Across Genres and Blockchain Ecosystems
The report also mentions that Dogecoin
for 0.09 US dollars
was the best performing token of the month, closing the month 50% higher than when it started and citing Elon Musk’s acquisition of Twitter and Dogechain’s future roadmap announcement as drivers.
It also highlighted an increase in the average number of unique active wallets, up 6.84% from the previous month. DappRadar noted that the Lido staking provider will be integrated into Arbitrum and Optimism, as well as a partnership between the Near Foundation and Google Cloud as drivers of this rise.