Key Insights
- After the 2022 bear market, NFT trading volumes have reached nearly $1 billion in November.
- Investors are now willing to pay more for NFTs, with the average transaction value increasing by 114%.
- Top NFT collections include BAYC, MAYC, CryptoPunks, DeGods, Gods Unchained, The Captainz, Azuki, Pudgy Penguins, Bitcoin Frogs, and Van Gogh’s Paintings.
- Daily unique active wallets (UAWs) in blockchain gaming increased by 14%, indicating growing interest.
- November also saw a new peak for DApps in 2023, with 3.4 million unique active wallets and a 7% growth from October.
The 2022 bear market brought the death (or dormancy) of several niches in the web3 ecosystem with it.
NFTs in particular, suffered throughout the bearish waves, with several million-dollar NFTs (like Justin Bieber’s $1.3 million BAYC and Logan Paul’s $623,000 Azuki) reportedly crashing in price by more than 90%.
However, with the return of the crypto market, it appears that NFTs are coming back.
Here’s why, according to this new report from DappRadar.
NFTs Are Coming Back
According to DappRadar, NFT trading volume reached nearly $1 billion in November, showing a strong growth of 125% from the previous month.
According to DappRadar, this is the second month in a row, featuring upward momentum from the NFT market.
This indicates a change in investor sentiment, despite the performance of the NFT market in the last bear market.
The average value of NFT transactions also increased by 114%, rising from $126 to $270 in November. In essence, NFT buyers are now willing to pay more for NFTs than ever before.
DappRadar highlights the best performing NFT collections as BAYC, MAYC, CryptoPunks, DeGods, Gods Unchained, The Captainz, Azuki, Pudgy Penguins, Bitcoin Frogs and Van Gogh’s Paintings.
Blockchain Gaming Follows The Trend
Alongside NFTs, blockchain gaming is also making waves, according to DappRadar.
According to DappRadar, blockchain gaming saw an impressive 14% increase in daily unique active wallets (UAWs) in November.
In total, gaming accounted for about 34% of the market share in the dapp industry.
Despite the recent slow and steady recovery from the previous bull market, blockchain gaming projects managed to raise an impressive $2.3 billion in investments from January to October.
The third quarter alone, saw about $600 million in investments, despite the lower crypto market prices compared to the peak levels.
Conclusion: The DeFi Market In General
The NFT industry is showing signs of recovery and growth, as the crypto market slowly begins to turn bullish.
NFT trading volume and average value have increased significantly in November, indicating a higher demand and appreciation for digital assets.
DappRadar indicates in the report, that the dapp industry in November, showcased a bullish trajectory, and achieved a 3.4 million Unique Active Wallet (UAW) milestone. This represents a 7% growth from October’s levels, making November the best-performing month for Dapps in 2023.
The best-performing marketplaces were OKX, UniSat and OpenSea respectively, with about $311 million stolen in hacks and exploits in November alone.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.
