Although the trading volume decreased and the total number of sales in the NFT market fell, this October saw an increase in the number of NFT traders.
According to a report from DappRadar, there was a rise in traders in the NFT market in October 2022, even though the total number of sales fell.
The report showed that the number of NFT traders in October reached 1.11 million, increasing 18% from September. This figure indicates that the market continues attracting new users despite the overall decline.
Besides, the report revealed that the trading volume of non-fungible tokens in October dropped by 30% compared to September and amounted to $662 million. Analysts also pointed to a 30% fall in the total number of NFT sales in October.
Notably, October saw the worst year-to-date trading volume in the NFT market. However, the number of traders has remained relatively stable since March, when the figure fell sharply. Regarding the total number of NFT sales in October, the decline was significant but not the worst in the current year.
DappRadar experts noted that the trading volume of NFT collections on different blockchain networks varied considerably. For example, Ethereum’s NFT trading volume continued to decline in October, reaching only $324 million. The overall decrease in October was 21%, the worst for Ethereum since June 2021. At the same time, Solana’s NFT trading volume fell even more – by 49% to only $66 million. And Flow’s NFT sales volumes went down by 60%, showing only $15.57 million in October.
The performance of Polygon’s NFT collections grew in October. Their trading volume was $10 million, a 770% increase over September. And the trading volume of BNB Chain’s NFTs rose by 60% in October compared to the previous month.
DappRadar analysts also cited another slump in trading volume on OpenSea, which had a mere 47.8% share of the NFT marketplace in October. Recall that the marketplace has been losing leadership since this summer.
