NFTs Gain Momentum: A Positive October Market Overview
The NFT market placed its best foot forward in October by manifesting a positive turn, according to a new report by DappRadar. Trading volume registered a 32% increase from September, reaching over $405 million. This surge is notable, given the 5% decrease in sales.
Ethereum persisted as the reigning champion, flaunting a remarkable 50% increase in trading volume. Not to be overshadowed, Immutable X, reinforced by games like Gods Unchained and Illuvium, took second place with a $22 million trading volume.
Spotlight on Prominent NFT Collections
Some NFT collections saw the brighter side of the market. Yuga Labs’ Bored Ape Yacht Club (BAYC) exhibited a 53% uptick in sales volume, achieving $54 million, and a 46% increase in unique traders. Conversely, the Mutant Ape Yacht Club (MAYC) underwent an 11% shrinkage in sales volume.
Yet, optimism was in the air for other NFT collections. Gods Unchained remained among the top three, boasting a 10% growth in sales volume and a 19% rise in unique traders. The Captainz outdid others with the most substantial relative growth, marking a 140% surge in sales volume from $2.8 million to $6.8 million. Pudgy Penguins and CryptoPunks also experienced notable increases of 63% and 45%. However, not all enjoyed a bonanza; Sorare and Azuki braved losses of 53% and 20% in trading volume.
The Impact of Blockchain Gaming on the Market
Blockchain gaming solidified its position in driving blockchain activity, as evidenced by a 17% increase in unique active wallets interacting with gaming dapps, totalling approximately 1.7 million. Moreover, the gaming market stretched its dominance by 10%, accounting for 62% of all dapp activity.
The trifecta of gaming-related collections—Sorare, Axie Infinity, and Gods Unchained—continued their strong trading frequency.
Decrease in Hacks and Exploits in the Web3 Space
October witnessed a bright spot in web security with a 92% reduction in stolen funds, bringing the total down to $19.2 million—the lowest figure since May 2023. While rug pulls remained the most common scam, large losses originated from the Fantom Foundation Access Control exploit and the Avalanche reentrancy attack, accounting for 54% of October’s stolen funds, according to the report.
In summary, October unfurled positive vibes for the NFT market with several impressive performances despite a few downward trends. Whether it’s the substantial growth in trading volume or the resilience of the gaming-related collections, the narrative is straightforward: the NFT market is charting a progressive course, one that is eager to tackle upcoming challenges in stride.