Monthly unique NFT users reached 1.11 million in October, 2022: DappRadar | The Financial Express

Monthly unique NFT users reached 1.11 million in October, 2022: DappRadar

In October, 2022, the reported trading volumes fell 30% to $662 million, which was the lowest registered in 2022, while the sales count fell by 30% to 6.13 million, as stated by the firm

Monthly unique NFT users reached 1.11 million in October, 2022: DappRadar
Certain users gave comments to highlight the problems around Web3.0 companies

It is believed that October, 2022, saw a fall in non-fungible token (NFT) trading volumes and sales but analytics firm DappRadar has stated an 18% growth in monthly unique NFT traders citing that the market is still in “great demand,” as reported by Cointelegraph

According to Cointelegraph, insights from a November 3, 2022, report by DappRadar showed that the number of monthly unique NFT traders in October, 2022, reached 1.11 million, increasing 18% from September, 2022, of around 950,000. In October, 2022, the reported trading volumes fell 30% to $662 million, which was the lowest registered in 2022, while the sales count fell by 30% to 6.13 million, as stated by the firm. 

On the basis of information by Cointelegraph, around two more NFT marketplaces made the shift to an optional royalty model, including Solana-based Magic Eden and Ethereum-backed LooksRare. The report also emphasised on the Yuga Labs’ reported takeover of the NFT market, with seven of the top 10 sales for the month arriving from Crypto Punk and Bored Ape Yacht Club. Meanwhile, Ethereum’s NFT trading volume continued with its fall for the second consecutive quarter, falling 21% over the last month to $324 million, which represented the lowest volume registered by DappRadar since June, 2021. It is believed that Polygon’s NFT trading volume spiked 770% over the last month, on account of the success of Reddit NFT collections as the main driver behind the surge. The trading volume is expected to continue increasing the layer-2 solution over the next month, with Meta making the announcement on November 2, 2022, that Polygon is expected to be its initial partner for NFT tools.

Moreover, Cointelegraph also highlighted about an increase in the average number of unique active wallets, up 6.84% from the previous month, presumably on a global basis. 


(With insights from Cointelegraph) 

Also Read: Rario enters into a partnership with Cricket Afghanistan to unveils its NFTs

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First published on: 04-11-2022 at 14:57 IST