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NFTs trading volume is rising sharply – will the next NFT bull run come soon?

NFT market revival: Significant increase in trading volume

The market for non-fungible tokens, or NFTs, is showing impressive signs of recovery. After a period of stagnation, October saw a significant increase in transaction volume of 32% compared to the previous month. This represents a total of $405 million, an increase of $99 million from the level last reached in August.

Figures recently published by crypto data analysis firm DappRadar show a remarkable bounce back. After a year of decline, the NFT market appears to be rebounding; This is especially positive news for projects that have faced challenges throughout the year.

Source: DappRadar

In particular, NFTs, which are often used as profile pictures on social networks, such as Yuga Labs’ Bored Ape Yacht Club, have struggled with declining interest during the so-called crypto winter months. However, the recent upward trend in trading volume may now be indicative of a general revival in the digital assets market.

In parallel with this rise in the NFT field, an increase in the Bitcoin price was also observed and the Bitcoin price exceeded $ 35,000 and reached its highest level in 16 months. Market analysts attribute this price increase to rising expectations regarding the possible approval of a Bitcoin spot exchange-traded fund (ETF) in the United States.

This positive trend could be a turning point for the NFT market and the entire cryptocurrency industry, providing renewed optimism for investors and enthusiasts alike. After a year of uncertainty, these developments could form the basis for a steady recovery.

Solana NFTs – A market on the rise

The market for non-fungible tokens, better known as NFTs, is currently experiencing notable momentum, with Solana, a high-speed Layer 1 blockchain network, standing out. According to DappRadar’s report, NFT transaction volume on Solana increased significantly by 15%, from $24 million to $27.6 million.

In addition to this growth in trading volume, Solana has also seen an impressive increase in its own value. In October, the price increased by 65%, from $23 to $38, according to CoinGecko. This indicates increased adoption and trust of the network.

Solana NFTs: Everything You Need to KnowSolana NFTs: Everything You Need to Know
Source: Nansen

While the fading draws attention, Ethereum continues to lead NFT trading as the second largest cryptocurrency. Ethereum-based NFTs have experienced a 50% increase in trading volume across various supporting blockchains.

Interestingly, the report shows that despite the growth in Ethereum, other blockchain networks such as Polygon, Starkware, and Flow experienced declines in sales volume of 48%, 42%, and 32%. This points to a changing landscape in the NFT space; While some technologies and platforms gain momentum, others may need to be readjusted.

However, the increase in NFT trading has also led to an increase in the base prices of popular profile picture projects. The minimum price of the Bored Ape Yacht Club NFT has increased from the equivalent of $40,000 in Ethereum to approximately $55,000.

Source: DappRadar

Such an increase in trading value could provide optimism among NFT investors, but it’s worth noting that October’s $405 million trading volume was well below the record high of $2 billion recorded in March.

Additionally, the number of NFTs sold continued to decline last month; There was a 5% decrease from 3.58 million in September to 3.4 million in October. Although this decline was less severe than the significant drop of 290,000 NFTs sold in August as reported by DappRadar, it still reflects continued caution in the market.

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