in a nutshell
- According to DappRadar data, overall NFT sales volume and total number of NFTs sold fell in October, hitting monthly lows for 2022.
- Organic Solana NFT trading volume fell in half in October following the much-talked-about launch of y00ts in September and recent market shifts around creator loyalty.
Monday’s hectic Art Gobblers NFT Released However, October’s data shows that it has finally capped a weak month for the overall market. Both total trading volume and the number of his NFTs sold he fell during October. Dapp RadarWhen Solana trading decreased by 50%, ethereum It also loses steam.
Overall trading volume for Solana NFTs fell 50% from $134 million in September to $67 million in October, according to analytics platform data. Solana saw its trading spike in September Release of y00ts NFT Mint Pass Momentum around creators Former DeGods Projectsaid Pedro Herrera, Senior Blockchain Analyst at DappRadar. Decryption.
However, there may be other reasons for Solana’s decline in trading activity in October.will move Magic Eden and other marketplaces The fact that traders no longer have to pay creator royalties has inspired the enthusiasm of the Solana community. Meanwhile, the rise of his NFTs on rival new platform Aptos Extract some liquidity from the Solana market.
DappRadar data removes suspicious people wash trade—that is, when someone sells NFTs between wallets they control at a very high price to help experiment with token reward models and increase awareness of NFT projects.Magical Eden Experience A flood of wash trades After making creator royalties optional and also removing our own marketplace fees.
Herrera said Solana’s October trading volume tally hinted at another market “consolidation phase” for NFTs on the platform, with July and August trading volumes ahead of September’s pop activity and ” “It’s almost identical,” he said.
ethereum movement
Ethereum volume also dropped in October, but not as much as Solana. DappRadar data shows that he dropped slightly from just over $687 million in September, with total Ethereum NFT transactions across the marketplace worth about $518 million.
However, DappRadar has yet to start tracking transaction data from Blur, a new marketplace backed by Paradigm, so there are noticeable gaps in the data. Released in September. a Dashboard On the data platform, Dune shows that Blur traded around 24,765 ETH in October. coin gecko.
In other words, some Ethereum trading from OpenSea and other marketplaces may be moving to Blur, but not enough to fill the trading volume gap DappRadar recorded in October. Still, it could be gaining momentum. Beats OpenSea in trading volume Since the launch of Art Gobblers on Monday, Data from the Dune Dashboard.
Add Blur’s numbers to the DappRadar totals from the rest of the NFT market for October, and you get a total of about $702 million worth of NFT trades for the month. That’s down almost 25% from his updated market-wide tally of $931 million on DappRadar.
Both numbers are early this yearwhen the market generated $5.36 billion worth of organic trading volume in January and continued to reach tallies in the billions through May. Crashed in Maythe NFT space followed suit with falling asset prices and lower trading volumes.
Ethereum NFT trades on top marketplace OpenSea fell about 12% in October from about $356M to just over $313M, while organic trades (excluding wash trades) on X2Y2 fell by 2 It fell 39% from $197 million to just under $182 million.
further from October
Elsewhere in the NFT ecosystem, trading volume on the Ethereum scaling network polygon It jumped 46% to $10.8 million in October, thanks to Reddit’s collectible avatar. gained momentum at the end of the monthHowever, the transaction is flow Dapper Labs’ NFL All Day When nba top shot toy platform.
The number of NFTs traded in October also dropped sharply from September.
According to Dune, Blur added about 175,000 NFT sales in October, but that total is a far cry from the number of sales registered in September, down nearly 26%. According to DappRadar calculations, his NFT sales numbers in October were his lowest in 2022 so far, following him in August with sales of 7.3 million.
Top NFT projects in October, based on analytics platform data crypto slamincluding Ethereum mainstays like “blue chips” Boad Ape Yacht Club, Stray, and CryptoPunks.Long-running NFT game Freed from the Chains of the Gods—runs on the Ethereum scaling network Immutable X— Transaction activity also spiked in October amid promotions with retailers. game stop.
