The Rise In The Markets Contributed To The Appreciation Of Nfts, Pushing The Total Volume In The Sector Beyond 1 Billion Dollars.

In November, the average value of Non-Fungible Token (NFT) transactions increased by 114%, rising from $126 to $270 compared to the previous period. This is a notable indicator of the growth in the NFT market.

According to the data from the decentralized application tracking platform DappRadar, the trade of non-fungible tokens (NFTs) joined the upward trend in November, approaching a volume of nearly 1 billion dollars during a period of increased value in the crypto markets.

The report emphasized that the NFT sector maintained positive momentum for the second consecutive month. It indicated a significant shift in user behavior as the transaction volume in November increased by 125%, contrasting with the declines observed in previous periods of NFT trading.

The analysis firm named Nansen reported that the weekly NFT sales volumes continued to increase in October. NFT sales recorded a steady increase, rising from $56 million in the week ending on October 9 to $129 million in the week ending on November 5.

Executives operating in the Web3 space believe that this trend could persist in the coming months. Jonathan Perkins, the co-founder of SuperRare, stated in an interview with Cointelegraph on November 14 that the worst of the bear market is behind us, and things are starting to turn in a positive direction.

In addition to the increase in transaction volume, the average value of NFT transactions also saw a 114% increase in November, rising from $126 to $270.

The report also highlighted the growth in daily unique active wallets (UAW) in blockchain games. According to DappRadar, UAWs for online games increased by 14%, securing a 34% market dominance in the decentralized applications industry. DappRadar emphasized that the sector continues to be a "fundamental pillar" in the decentralized ecosystem.

Despite the overall downtrend, blockchain gaming projects managed to attract a total of $2.3 billion in investment from the beginning of the year until October. According to a previous report by DappRadar, blockchain games received $600 million in investment in the third quarter of 2023, even though cryptocurrency market prices were lower compared to their peaks.