December 2, 2022

Here’s the ‘big picture’ story of how the NFT market is really faring – AMBCrypto News

BNB and its staking derivatives suffer huge dump following the Ankr exploit
Ethereum Classic [ETC] and its technical analysis you need to know this month
Ankr Protocol suspends trading following $5 million DeFi exploit
Bitcoin miners continue to face the heat, but what’s the way forward
Chainlink [LINK] eyes a 20% rally before 6 December, here’s why
Bitcoin miners continue to face the heat, but what’s the way forward
Bitcoin: Why the low social activity around the leading coin should concern you
Bitcoin’s accumulation trend score and everything latest for your next trade
Will BTC repeat history amid DOGE witnessing its most recent rally
Bitcoin’s [BTC] bearish pennant has some tips for its long-term holders
Ethereum’s [ETH] price might touch $450 before any significant rally, but…
Ethereum’s net issuance reading since merge has got some tips for traders
What Ethereum [ETH] holders should expect in the near-term
Ethereum miner revenue reaches monthly high, but here’s the issue
Assessing whether Ethereum’s [ETH] price rally is imminent in the short term
Published
on
By

Non-fungible token (NFT) trading volumes and sales may have fallen in October. However, according to DappRadar’s findings, an increase of 18% in monthly unique NFT traders demonstrates that the market is still in “high demand.”
DappRadar reported that there were 1.11 million monthly unique NFT traders in October, up 18% from the roughly 950,000 traders there were in September.
This is true, despite the fact that revenues fell by 30% to$ 6.13 million in October while trade volumes fell by 30% to $662 million – The lowest recorded in 2022.
“The rise in the unique traders’ count indicates that new people are entering the NFT market, and it is still in great demand.”
For the NFT community, the month was very hectic. At least two other NFT marketplaces, Magic Eden in Solana and LooksRare in Ethereum, switched to an optional royalty arrangement.
The survey also noted Yuga Labs’ continued dominance in the NFT industry, with CryptoPunks and Bored Ape Yacht Club accounting for seven of the top-10 sales for the month.
The NFT trading volume rose to $2.71 billion in Q3 – A 67% hike from Q2 levels. The number of sales also increased from Q2 by 8.3%. 
Compared to August, the NFT trading volume appreciated by 10.4% in September alone. Additionally, the sales count climbed by 21%, demonstrating the sustained high demand for the NFT industry. On the other hand, the cryptocurrency market’s devaluation may have contributed to the overall decline in trading volume.
The analysis also showed that despite a 76% decline in NFT trading volume on Ethereum from Q2, there were 11% more NFT trades overall. Despite a 96% hike from the previous month, Solana’s NFT trading volume was still down 63% from Q2.
The introduction of the y00ts collection, which gave Ethereum NFTs a run for their money, was what fuelled the expansion of the latter. Within a month of its introduction, it surpassed NFT giant OpenSea’s volume charts and generated 435,000 SOL or approximately $15 million in secondary sales.
Since a few months ago, OpenSea’s rivals have expanded their market share, converting the “monopoly” market into an “oligopoly.” Although Ethereum and Solana-based exchanges X2Y2 and Magic Eden have increased their market share since 2022, OpenSea still dominates the sector in terms of users and volume.
When compared to August, OpenSea’s market share dropped by 8.3% in October and its monthly NFT trading volume fell by 12.1% ($313 million). Since July 2021, this is the lowest trade volume we have seen.
NFTs and their underlying marketplaces are displaying strong signs of enduring despite fluctuations, even though all markets are currently experiencing increased volatility.
With all the hoopla, more and more businesses are considering NFTs as a means of capital raising. The flexibility of NFTs and their capacity to transfer verified ownership of a rare product on the blockchain are what makes them so attractive. However, businesses should think about any potential regulatory constraints that may restrict the use of NFTs for fundraising before considering an NFT offering.


Plotting XRP’s potential targets as it attempts to break into high volatility
Cardano [ADA] may be leading on this front, but on others…
Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/
Breathe SOL, Magic Eden might be bringing some positives to the network
The BAYC-FTX connection: Why the Apes may not climb any price trees soon
Why Avalanche’s noteworthy NFT performance may do nothing for AVAX 
OpenSea Polygon outperformed OpenSea Ethereum in October, here’s why
Bored Apes exit the boredom kingdom but investors may not rejoice just yet
IRS announces key changes for NFTs in latest tax guidelines
Your email address will not be published.








Disclaimer: AMBCrypto’s content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.

source

Leave a Comment