In October, the cryptocurrency market experienced a significant price surge in Bitcoin, which had a positive impact on the NFT market. According to the October Monthly NFT Report in collaboration with Footprint Analytics, the NFT market showed signs of recovery with a 15.2% increase in both monthly trading volume and unique users.
Although these figures indicate improvement compared to September, they are still lower than the levels observed in August and previous months. Therefore, it is premature to conclude that this signifies the start of a complete market recovery. The industry is eagerly awaiting further positive developments that go beyond the influence of Bitcoin.
The report obtained its data from Footprint Analytics’ NFT research page, which provides an easy-to-use dashboard containing vital stats and metrics to understand the NFT industry in real-time.
The report highlights key points from both the crypto macro overview and the NFT market overview. In terms of the crypto macro overview, Bitcoin experienced a notable price surge in October, starting the month at $26,967 and closing at $34,497, representing a 27.9% increase. Ether also saw a moderate increase of 8.3%, starting at $1,671 and closing at $1,810.
The NFT market experienced favorable trends, with a 15.2% increase in trading volume and unique users in October. The total trading volume for the month amounted to $427.2 million, with 1,039,735 transactions. The number of unique users reached 281,359, representing a 15.2% growth.
The daily market cap of the NFT market remained steady at approximately $4.5 billion throughout the month, while daily trading volume experienced an upward trend. The buyer/seller ratio also increased by 33.2% compared to September.
Ethereum continued to dominate the NFT market’s trading volume with $421.7 million, accounting for 98.7% of the market. The most popular NFT marketplace was Blur, with a trading volume of $198.1 million and a 46.4% market share. Opensea saw growth in October, with a trading volume of $176.7 million and an increased market share of 41.4%. However, LooksRare faced a significant decline in trading volume, dropping by 97.8% and resulting in a market share of only 0.4%.
In terms of NFT investment and funding, the market maintained a slow momentum in October, with a single funding round totaling $5 million. Some notable developments included LooksRare updating its token economy model, a fantasy horse racing startup called Game of Silks raising $5 million, Germany’s postal service issuing limited edition NFT stamps, and institutional NFT fund Spencer Ventures planning to purchase 144 Pudgy Penguin NFTs from the Three Arrows Capital Collection.
Overall, the October Monthly NFT Report highlights the signs of recovery in the NFT market following the price surge in Bitcoin. While there is still room for improvement, these positive developments provide hope and anticipation for further growth in the future.
