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According to data published by the decentralized blockchain data analysis platform DappRadar, the NFT sector has adapted to the surge in the crypto market led by Bitcoin. According to platform data, the transaction volume in the NFT market approached $1 billion in November, and investors began to participate in the NFT market following the surge in the crypto market.
The Rise Continues in the NFT Market
The report shared by DappRadar highlighted that the NFT market has maintained its upward momentum for the second consecutive month. The transaction volume increased by 125% in November, indicating a significant change in user behavior compared to previous declines in NFT trade transactions.
Another blockchain analysis firm, Nansen, announced on November 6 that NFT sales volumes continued to increase on a weekly basis in October. NFT sales showed a steady increase, rising from $56 million in the week ending October 9 to $129 million in the week ending November 5.
Executives working in the Web3 sector believe that this upward trend could continue in the coming months. SuperRare co-founder Jonathan Perkins announced on November 14 that the worst period in the bear market is behind us, and things have started to turn around in the market.
Focus Turns to Game Projects in the NFT Market
In addition to the increase in transaction volume, the average value of NFT transactions also increased by 114%, rising from $126 in November to $270. The report also noted an increase in the number of daily unique active wallets (UAW) in the blockchain gaming space.
According to DappRadar, there was a 14% increase in on-chain gaming UAW data and it gained a 34% market dominance in the decentralized applications sector. DappRadar stated that the sector continues to be a fundamental pillar for the decentralized ecosystem.
Despite the downturn seen in the NFT market throughout the year, blockchain game projects managed to receive $2.3 billion in investment from the beginning of 2023 to October. A report previously shared by DappRadar drew attention to the fact that blockchain games received $600 million in investment in the third quarter of 2023 alone, despite token prices in the crypto market being lower compared to their peaks.
