- The overall volume of NFT transactions fell by around 8% in November, while the total number of NFTs sold fell by 23% compared to October.
- Solana’s trading volume increased after a weak October, while NFT trading on Flow fell more than 50% after falling 60% the previous month.
The turmoil in the cryptocurrency market in November spread to the NFT space, with falling crypto prices and decline in NFT valuations further impacting a increasingly weak market. New data from DappRadar suggests that total NFT trading volume fell again in November, continuing a broader market trend that began in May.
According to data provided by the analytics firm, the overall NFT market produced approximately $643 million in organic trading volume in November. That’s down more than 8% from October, when Decrypt account approximately $702 million volume value between partial data from DappRadar combined with additional market data from Dune.
This is a less steep month-over-month decline than before, given a drop of around 25% from September to October, but still represents a dramatic drop in trading stocks since the start. of this year. The market peaked with a sales volume of $5.36 billion in January, meaning that US dollar trading volume has fallen by 88% since then.
DappRadar’s data excludes transactions suspected of being manipulated through a process called wash the trade. Wash trade occurs when an NFT is sold back and forth between a user’s own wallets at artificially inflated prices – sometimes millions of dollars above market value – in an attempt to manipulate patterns symbolic rewards or to increase the visibility of a particular project.
Data shared with Decrypt shows significant month-over-month upward and downward shifts across blockchain networks and specific markets in November. The Solana The NFT space, for example, saw a 42% increase in overall transaction volume in November, up to $95 million according to DappRadar analysis. The vast majority of these trades came from Magic Eden, Solana’s premier marketplace.
Popular y00ts profile picture project, which unveiled his long-awaited artwork earlier this month, drove most of this action. Solana NFT trading has been on a at the top-and-down model for the past few months, largely due to the hype around y00ts and its delayed rollout.
On the other hand, the negotiation on the To flow the blockchain fell more than 50% to less than $7.7 million as NBA best shot recorded its worst month of secondary sales in two years – less than $2.1 million, according to data from the analytics platform CryptoSlamdown even further from october. NFL All Day activity also declined in November.
Stream trading volume previously fell 60% from September to October, marking a rough recent trend for the platform. Dapper Labs, creator of both sports NFT platforms and the Flow blockchain, announced in early November that it had laid off about 22% of his team given current market conditions.
Ethereum market X2Y2 saw its organic NFT transaction volume drop in half in November, from nearly $182 million in October to just over $90 million. Cheaper OpenSeaEthereum trading volume fell from $313 million in October to nearly $259 million in November, its lowest month since June 2021.
Rival Ethereum market AppearanceRare saw its organic transaction volume double to $25 million in November, while fall out topped $95 million after a partial count of around $39 million in October.
Boris Rebo, data analyst at DappRadar, said Decrypt that the impact of The fall of FTX in the crypto market has indeed spread across the NFT space, due to falling crypto prices and values.
“General sentiment has been sour” in the NFT space, he said, and DappRadar saw 42% fewer unique active wallet users interacting with NFT. decentralized applications in November compared to October. This is a sharper decline centered on NFT than the 12% decline seen across all dapps that the company follows.
The total number of NFTs traded in November also fell sharply month-on-month, with around 4.87 million NFTs sold on secondary markets. That’s down from around 6.3 million in October, between data provided by DappRadar and Dune for that month, a drop of around 23%.
According to CryptoSlam, November’s most traded NFT project measured in US dollars was the ubiquitous Bored Ape Yacht Club on Ethereum, with approximately $63.8 million in transactions.
Bored Ape Award fell sharply last monthtwice falling below $60,000 of ETH, according to data from NFT floor price. However, the floor price – i.e. the cheapest available NFT listed on a market –recovered in terms of USD and ETH, currently sitting at over $85,000 (about 66.8 ETH). Three bored monkeys sold for over $900,000 worth of ETH each in November.
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