Are NFTs back? Sales surged 32% in October

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According to a report published by cryptocurrency data company DappRadar dadDespite the large-scale layoffs of the famous market OpenSea last Friday, the NFT market is still showing signs of recovery as NFT trading volume increased by $99 million in October compared with the previous month.

“The year-long downward trend in NFT trading volume has been broken,” DappRadar wrote, noting that NFT trading volume increased 32% from $306 million in September to $405 million in October. The company said this was a level of sales not seen since August.

NFTs are unique digital tokens that represent ownership of an item, typically a digital artwork. While the NFT market has been active in 2021 and early 2022, this year has been difficult for many personal profile picture (PFP) projects as Bored Ape Yuga Labs’ Yacht Club (BAYC) and others navigated the long crypto winter. The hype for the series.

However, the broader digital asset industry may be showing signs of recovery.NFT trading volume surges as Bitcoin price rises above $35,000 – hitting 16-month high on speculation Bitcoin Spot ETFs may soon be approved in the United States.

DappRadar’s report highlights Solana as a network known for its growth. According to DappRadar, Layer-1’s NFT trading volume increased by 15% from $24 million to $27.6 million. Meanwhile, Solana’s price rose 65% in October, from $23 to about $38, according to data. Coin Gecko.

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