According to the company, in October 2022, reported trade volumes decreased by 30% to $662 million, the lowest amount ever recorded in 2022, and revenues decreased by 30% to 6.13 million.
Non-fungible token (NFT) trading volumes and sales are thought to have decreased in October 2022, but analytics company DappRadar has observed an 18% increase in monthly unique NFT traders, claiming that the market is still in “high demand,” as stated by Cointelegraph.
The number of monthly unique NFT traders in October 2022 reached 1.11 million, up 18% over the estimated 950,000 traders in September 2022, according to Cointelegraph’s analysis of a DappRadar report dated November 3, 2022. According to the corporation, in October 2022, reported trading volumes decreased by 30% to $662 million, the lowest amount ever recorded in 2022, and sales numbers decreased by 30% to 6.13 million.
According to information from Cointelegraph, Magic Eden, located in Solana, and LooksRare, supported by Ethereum, are two further NFT markets that have switched to an optional royalty scheme. The Yuga Labs alleged takeover of the NFT market was also highlighted in the study, with seven of the top 10 sales for the month coming from Crypto Punk and Bored Ape Yacht Club. The NFT trading volume for Ethereum, which has been declining for the past two quarters, dropped 21% during the past month to $324 million, the lowest level recorded by DappRadar since June 2021.
It is thought that the success of Reddit NFT collecting served as the primary catalyst for the increase in Polygon’s NFT trading volume, which increased by 770% over the previous month. Following Meta’s statement that Polygon would serve as its debut partner for NFT tools on November 2, 2022, the trade volume for the layer-2 solution is anticipated to increase during the next month.
The average number of unique active wallets has increased, according to Cointelegraph, by 6.84% over the previous month, presumably on a worldwide scale.
