According to data published by decentralized blockchain data analysis platform DappRadar, the NFT sector has kept up with the increase in the cryptocurrency market. The transaction volume in the NFT market approached nearly 1 billion dollars in November, and investors began to join the NFT market following the rise in the crypto market.
The report shared by DappRadar shows that the NFT market maintained its upward momentum in the second consecutive month. The transaction volume increased by 125% in November, indicating a significant change in user behavior compared to previous declines in NFT trading transactions.
Blockchain analytics firm Nansen announced on November 6th that the weekly NFT sales volumes continued to increase in October. NFT sales showed a steady increase from 56 million dollars in the week ending October 9th to 129 million dollars in the week ending November 5th.
Executives working in the Web3 sector believe that this upward trend could continue in the coming months. Jonathan Perkins, co-founder of SuperRare, announced on November 14th that the worst period in the bear market was behind us and that things in the market started to improve.
In addition to the increase in NFT transaction volume, the average value of NFT transactions also rose by 114%, reaching from 126 dollars in November to 270 dollars. The report also noted an increase in the number of daily unique active wallets (UAW) in the blockchain gaming space.