Despite starting on a promising note, the global macroeconomic environment influenced and adversely impacted the crypto market, which sustained several damaging corrections. The same could be said for the NFT market.
However, new data suggest that the NFT business continues to be in great demand.
High Demand for NFTs
In Q3, the NFT trading volume climbed to $2.71 billion and was down by 67% from the previous quarter. But there has been an 8.3% increase in the sales count from Q2. This was revealed by the latest edition of the DappRadar Industry Report.
The NFT trading volume soared by 10.4% in September alone compared to the previous month. Furthermore, the sales count increased by 21%, which was indicative of the fact that the NFT business continues to be in great demand. The overall drop in trading volume, on the other hand, may have been contributed by the decline in the values of the cryptocurrency market.
The report also revealed that NFT trading volume on Ethereum has nosedived by 76% from Q2, but the number of NFT trades increased by 11%. Solana’s NFT trading volume has witnessed an uptrend of 96% from the previous month but was still 63% down from Q2.
Driving the latter’s growth was the launch of the y00ts collection, which gave Ethereum NFTs a run for their money. It managed to eclipse NFT giant OpenSea volume charts even after one month of the launch and raked in 435,000 SOL or nearly $15 million in secondary sales.
Alongside y00ts, Renga happens to be yet another collection that has taken over the NFT market.
The bear market saw severe stagnation in the space, but the blue chips such as – Yuga Labs: OtherSide, Bored Ape Yacht Club, Mutant Ape Yacht Club, and CryptoPunks have maintained their dominance. The four projects account for over 46.21% of the whole NFT market cap.
Financial Advantages of GameFi
Blockchain-based games have remained mostly unfazed and have continued to be profitable. The vertical’s unique address wallet increased by 8% to 912K compared to August, signaling an upward trend. DappRadar stated,
“This is an optimistic indication for blockchain games since many have hypothesized that if game dapps cease to be financially advantageous for the ordinary user, they would lose the majority of their player base. It was shown to be false.”