Although the market started on a positive note, the macroeconomic environment in the world influenced and adversely affected it. The crypto market suffered several devastating corrections. The NFT market could also be affected by the macroeconomic environment.
New data suggests that NFT is still in high demand.
NFTs in High Demand
NFT trading volume increased to $2.71 Billion in Q3 but was still down 67% from the prior quarter. However, Q2 saw an 8.3% increase of sales. The DappRadar Industry Report has revealed this.
NFT trading volumes soared by 10.4% in September compared to the previous month. The sales count grew by 21% in September, which is a sign that NFT continues to be highly sought after. However, the overall decline in trading volume could have been due to the fall in cryptocurrency market values.
NFT trading volume on Ethereum fell by 76% in Q2 but increased by 11%. NFT trading volume for Solana has seen a 96% increase in the last month, but it was still 63% lower than Q2.
The launch of the y00ts Collection was the catalyst for the latter’s rapid growth. It gave Ethereum NFTs a tough time. After just one month, it managed to surpass NFT giant OpenSea’s volume charts and brought in nearly $15 million in secondary sales.
Renga is another collection that has dominated the NFT market alongside y00ts.
The bear market witnessed severe stagnation, but blue chips like – Yuga Labs : OtherSide and Bored Ape Yacht Club, Mutant Ape Yacht Club and CryptoPunks maintained their dominance. These four projects represent 46.21% of total NFT market capital.
GameFi’s Financial Benefits
The success of blockchain-based games has not been affected. An upward trend was evident in the vertical’s unique address wallet, which increased by 8% to 912K from August. DappRadar said,
This is a positive sign for blockchain games, as many have speculated that if game apps cease to be financially beneficial for ordinary users, they would lose the vast majority of their user base. This was proven false.
CryptoPotato’s first post, NFT, GameFi Sectors Show Optimistic Tends: DappRadar, appeared first on CryptoPotato.
Marla Brooks – Financial Analysis
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