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December 12, 2023

November's Trading Volume Shifts by 125%, Approaches $1B According to DappRadar

A thrilling resurgence is underway, defying the prevailing bullish wave in the broader crypto market

In digital collectibles and non-fungible tokens (NFTs), a vibrant resurgence is taking center stage, defying the broader crypto market trends. DappRadar's latest industry report for November not only captures this energetic shift but paints a compelling picture of the NFT ecosystem's sustained positive momentum.

For the second consecutive month, the NFT ecosystem has surfed a wave of positivity, with a remarkable 125% surge in trading volume, propelling it to nearly $1 billion in November. The pixelated blockchain-based assets are not just changing hands; they are doing so at premium values, with a 5% increase in sales contributing to a total transaction output of 3.6 million in November.

The average transaction value has soared from $126 in October to $270 in November, reflecting a robust 114% increase within a 30-day period. Unique Asset Wallets (UAWs), particularly in on-chain gaming, have witnessed substantial growth, reaching 3.4 million UAWs—a 14% increase and a dominant 34% industry market share.

The NFT sector's progress is part of a broader resurgence in the decentralized economy over the last three months. While major asset management firms have shown interest in offering exchange-traded fund (ETF) services for cryptocurrencies like Bitcoin and Ethereum, the crypto market as a whole has experienced a significant uptrend. Bitcoin, a key catalyst, has broken through the $40,000 mark, contributing to the overall market cap reaching $1.6 trillion.

Blur, an NFT marketplace, is giving OpenSea a run for its money. According to DappRadar, Blur has secured a 35% market share in trading volume, outpacing OpenSea. The Blur NFT marketplace, with a staggering 171,926 ETH, has asserted its dominance, surpassing OpenSea's 37,765 ETH during the same period.

Neil Hodgson Coyle
Neil Hodgson-Coyle
Editorial chief at TechNews180
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