- NFT trading volume increased 32% in October to $405 million, reversing the downward trend and marking the highest monthly volume since August.
- Solana emerged as a leader in October NFT trading, with volume on the network rising 15% to $276 million. Meanwhile, Ethereum remained the top NFT trading blockchain.
- Top NFT collections like Bored Ape Yacht Club saw floor prices rise in October, with the cheapest Bored Ape going from 40 ETH to 55 ETH.
The non-fungible token (NFT) market is showing signs of recovery after a prolonged downturn throughout 2022. According to new data, NFT sales volume increased substantially in October, marking a reversal of the downward trend seen over the past year.
NFT Trading Volume Surges in October
According to data from DappRadar, NFT trading volume rose by 32% in October compared to September, reaching $405 million. This $99 million increase represents the highest monthly trading volume since August. The growth coincided with Bitcoin’s price rebounding above $35,000 to its highest point in 16 months, potentially signaling broader optimism about the crypto market.
Solana NFTs Gain Momentum
Solana emerged as a standout network for NFTs in October, with trading volume on the blockchain increasing by 15% to $276 million. Solana’s native token, SOL, also saw significant gains during the month. Meanwhile, Ethereum remained the leader in NFT trading volume with a 50% monthly increase, although other networks like Polygon and Starkware saw declines.
Floor Prices of Top NFTs on the Rise
Along with trading volume, the floor prices of top NFT collections like Bored Ape Yacht Club also trended upward in October. For example, the cheapest Bored Ape saw its floor price rise from around 40 ETH to 55 ETH. However, the total number of NFT sales still declined slightly month-over-month even as trading volume increased.
Conclusion
While optimism is growing, the NFT market still has a ways to go before reaching previous highs. But for struggling NFT projects, the October resurgence provides hope that the crypto winter may be thawing. Sustained growth in trading volume and floor prices could indicate a broader NFT revival is underway.
