A DappRadar report showed that monthly unique traders were up despite a decline in NFT trading volumes and sales throughout October.
October may have seen a slump in non-fungible token (NFT) volume and sales, but analytics firm DappRadar says an 18 percent increase in unique NFT traders per month indicates the market is still in “huge demand.”

According to a DappRadar report on November 3, the number of monthly unique NFT traders in October increased by 18% compared to September to approximately 950,000, reaching 1.11 million.

Although the firm’s trading volume fell 30% in October to $662 million, the lowest level was recorded in 2022, with sales falling 30% to $6.13 million, the company added:

“The increase in the number of unique traders indicates that new people are entering the NFT market and demand is still strong.”

Number of unique NFT traders per month (in millions). Source: DappRadar
It has been a busy month for the NFT community.

At least two more NFT marketplaces, including Solana-based Magic Eden and Ethereum-based LookRare, are transitioning to a discretionary royalty model.

The report also highlights that Yuga Labs continues to dominate the NFT market, with seven of the top ten sales during the month coming from CryptoPunk and Bored Ape Yacht Club.

Of these sales, CryptoPunk #924 was the most valuable and sold for 475 Ether.

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1131 USD

At the time of this writing on October 27th, it is priced at $731,435.

Meanwhile, Ethereum NFT trading volume continues to fall for the second quarter in a row, down 21% month-on-month to $324 million, representing the lowest volume recorded by DappRadar since June 2021.

In more breaking news, according to DappRadar, Polygon NFT trading volume increased by 770% last month, with the success of Reddit’s NFT collections being the main driver of the increase.

Since their launch in July, over 2.9 million Reddit avatars have been typed and have entered over 2.8 million wallets.

Since Meta announced on Nov. 2 that Polygon will be its first partner for future NFT instruments, it is likely that trading volume for the Tier 2 solution will continue to rise over the next month.

Related: NFTs bring music communities across genres and blockchain ecosystems together

The report also mentions Dogecoin.

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It was the best-performing token of the month, closing the month was 50% higher than at the start, and cited Elon Musk’s takeover of Twitter and the announcement of the future Dogechain roadmap as the driving force.

He also highlighted that the average number of unique active wallets increased by 6.84% compared to the previous month. DappRadar cited staking provider Lido’s involvement with Arbitrum and Optimism, as well as a partnership between the Near Foundation and Google Cloud, as driving this growth.

Source: CoinTelegraph