Key Points
- October saw a substantial increase in NFT activity, but top cryptocurrencies experienced a drop in NFT sales volume.
- The NFT market capitalization dropped by $100 million in November.
October’s NFT Market Performance
October saw an uptick in the NFT ecosystem after a lull during the winter months. Ayo Creator, CEO of Pictodl, tweeted that NFTs experienced a rebound in October with a monthly volume of $356 million, marking an 18% increase from the previous month. The total transactions also rose by 42% to 7.2 million.
Despite this overall rise, top cryptocurrencies like Ethereum (ETH), Bitcoin (BTC), and Solana (SOL) saw a drop in NFT sales volume. Ethereum’s number of buyers only increased by 3%, while the sales volume and number of transactions fell by 33% and 60% respectively.
Solana and Bitcoin’s Performance
Solana’s situation was even more dire, with its sales volume and transactions dipping by 22% and 18% respectively. The number of NFT buyers and sellers also fell by 25% and 17% in the last 30 days. Bitcoin experienced a similar downturn, contributing little to the overall rise in NFT numbers in October.
Despite this, some collections performed well. Bored Ape Yacht Club topped the list for Ethereum, Frogana for Solana, and Bitcoin Puppets for Bitcoin.
NFT Market in November
November saw a sharp decline in the NFT market capitalization, with a drop of nearly $100 million. The number of traders also decreased, however, the number of long-term holders continued to rise.
