The NFT market is booming in October: turning green for the first time this year

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After months of sluggishness, the NFT market saw an impressive 32% growth in trading volume last October.

according to Report According to DappRadar data, NFT transaction volume in October increased by 32% (approximately US$99 million) compared with September, of which the transaction volume in September was US$306 million and that in October was US$405 million.

It can be seen that this is the first month in which growth data is recorded in 2023.

NFT sales and transaction volume by month. Source: DappRadar

In terms of transaction volume, Ethereum still leads the way, with transaction volume increasing by 50%. In second place is ImmutableX with $22 million.

In contrast to Ethereum, other chains have seen significant declines in sales. Sales of Polygon, Starkware and Flow fell by 48%, 42% and 32% respectively.

It is worth noting that the blockchain that was once troubled by the collapse of FTX – Solana – is gradually being “resurrected” and highlighted by the report as an NFT network worth noting at the moment. SOL NFT trading volume increased by 15%, from $24 million to $27.6 million.

Part of the reason may come from the growth in the token’s price. SOL emerged as the leading coin in October with gains of over 80%, well ahead of many other competitors.

Solana’s price and TVL surge sparks speculation

It seems that Solana’s “winter” is over, and the project has returned to the Layer 1 track with positive changes. VanEck even predicts that SOL prices will reach $3,211 by 2030.

Top 10 NFT collectibles in October 2023

Yuga Labs continues to hold a strong position in the ranking of top NFT collectibles, with BAYC sales increasing 53% in October, with transaction volume reaching $55 million. The number of independent traders increased by 46%.

Top 10 NFT series by trading volume. Source: DappRadar

Yuga Labs’ MAYC underperformed its sibling BAYC, with sales and volumes down 11%, while the number of independent traders remained relatively stable.

Like last month, Gods Unchained continues to round out the top three. Sales increased by 10% and the number of independent traders also increased by 19%.

Since September, Captainz’s trading volume has increased by 140%, from $2.8 million to $6.8 million. Pudgy Penguins and CryptoPunks also saw significant growth in trading volume, up 63% and 45% respectively.

The biggest “losses” in October were fantasy sports platform Sorare, whose trading volume fell by 53% compared with September, while Azuki’s trading volume dropped by 20%.

Additionally, in October, Refik Anadol’s Winds of Yawanawa art collection was launched and quickly became a favorite among art collectors. Anadol’s latest creation became the tenth best-selling series in October 2023, with sales of $7 million.

However, although the NFT market grew significantly in October, a one-month turn to green is not enough to prove that the decline of the NFT market is over.

A series of web3 companies continue to lay off employees, such as OpenSea, Yuga Labs… Or the story of an investor who decided to “sell” 624 ETH at a loss after holding NFT BAYC for nearly 1 year. All of this suggests that the digital art field is still in decline.

“Whales” rushed to dump nearly 500 “blue chip” NFTs on Blur due to heavy losses

The fate of the top NFT collection remains up in the air. Although sales of series such as “DeGods” and “Milady Maker” increased in October, the base prices of most series have dropped significantly, making it difficult to return to the previous “golden age.”

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