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Non-Fungible Tokens (NFTs) are currently enjoying a renaissance despite the ongoing bull market in the broader crypto sector. A new report from DappRadar for November shows that the NFT ecosystem is trending positively for the second month in a row. With an impressive 125% increase in trading volume in November and total sales reaching almost $1 billion, the question arises: Is the NFT market ready for a new bull run?
Increasing sales and trading volumes: A new boom for NFTs?
According to DappRadar’s November report, the NFT ecosystem saw an impressive 125% increase in transaction volume during the month; This corresponds to approximately 1 billion dollars.
Alongside this huge increase in transaction volume, DappRadar also reported a moderate 5% increase in sales, bringing the total number of transactions to 3.6 million in November. These figures show that NFT investors are increasingly active in buying and selling their favorite pixel-based, blockchain-backed assets at premium values.
🖼️ Cumulative NFT trading volume rises to highest level since May 2023 (nearly $1 billion) — DappRadar pic.twitter.com/GeUvvg0q0X
— ❇️𝙊𝙡𝙞’ 信福爱 (@olgerd_butko) December 8, 2023
Most importantly, the average transaction value increased from $126 in October to $270 in November; this is up 114% over a 30-day period. Such data points not only to increased interest in NFTs, but also to investors’ increased willingness to pay higher amounts for digital collectibles.
Also noteworthy is the growth of Unique Asset Wallets (UAWs), especially in the on-chain gaming space, reaching 3.4 million UAWs. This reflects an increase of 14% and maintains industry dominance of 34%. Figures show that NFTs are gaining popularity, especially in the gaming space, and are playing an increasingly important role in the decentralized ecosystem.
Given the data and trends, the question is whether the NFT market is on the verge of another bull run. With increasing trading volumes and sales, as well as increasing participation in various fields such as gaming, NFTs appear to be further consolidating their position in the digital asset market and could potentially lead to a new wave of growth and innovation.
Market dominance and competition: OpenSea and Blur in the NFT industry
The NFT industry, which relies heavily on on-chain markets, is also currently undergoing an interesting transformation. OpenSea, long the dominant market, is facing increasing competition from the Blur platform.
According to DappRadar’s report, Blur has reached a leadership position in the NFT industry with a 35% market share in transaction volume. The impressive figure shows how much Blur is challenging OpenSea, which was once considered the undisputed market leader. Centralized crypto trading hub OKX follows closely behind with a 32% market share, while OpenSea falls to third place with a minimum annual trading rate of 14% executed on its platform.
NFT volume has been increasing steadily for the last 5 weeks 📈
The low was the closing week on October 9; NFT weekly volume was 29,704 ETH, compared to last week The week ending November 6, NFT sales volume reached 68,342 ETH
Slowly then suddenly…? pic.twitter.com/420fiRYw9e
— Nansen 🧭 (@nansen_ai) 6 November 2023
Despite the decline in market dominance, OpenSea maintains an active community of 191,000 NFT investors. The truth is that OpenSea still plays a significant role in the NFT market, despite being challenged by new players like Blur. The report shows that OpenSea is under increasing pressure due to the rise of Turbidity.
The recent shift in market dominance is a clear sign that the NFT community is open to change and new platforms offering improved trading opportunities and features.
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