Despite starting on a promising note, the global macroeconomic environment influenced and adversely affected the crypto market, which suffered several damaging corrections. The same could be said for the NFT market.
However, new data suggests that the NFT business remains in high demand.
High demand for NFTs
In the third quarter, NFT trading volume rose to $2.71 billion, down 67% from the previous quarter. But there has been an 8.3% increase in the sales count since the second quarter. This was revealed by the latest edition of the DappRadar Industry Report.
NFT trading volume soared 10.4% in September alone compared to the previous month. In addition, the number of sales increased by 21%, which was indicative of the fact that the NFT business continues to be in high demand. The overall drop in trading volume, on the other hand, may have been contributed by the drop in cryptocurrency market values.
The report also revealed that NFT trading volume on Ethereum has fallen by 76% since the second quarter, but the number of NFT trades increased by 11%. Solana’s NFT trading volume has seen a 96% upward trend from the previous month, but was still down 63% from the second quarter.
Driving the growth of the latter was the launch of the y00ts collection, which gave Ethereum NFTs a run for their money. It managed to eclipse the volume charts of NFT giant OpenSea even after a month of launch and accumulated 435,000 SOLs or almost $15 million in secondary sales.
Along with y00ts, Renga is another collection that has taken over the NFT market.
The bear market saw a major stagnation in the space, but blue chips such as Yuga Labs: OtherSide, Bored Ape Yacht Club, Mutant Ape Yacht Club, and CryptoPunks have maintained their dominance. The four projects account for more than 46.21% of the total NFT market capitalization.
Financial benefits of GameFi
Blockchain-based games have remained mostly imperfect and remained profitable. The vertical’s portfolio of unique addresses increased 8% to 912K compared to August, indicating an upward trend. DappRadar said,
“This is an optimistic indication for blockchain games, as many have hypothesized that if dapp games stop being financially advantageous for the average user, they would lose most of their player base. prove it was false.”
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