The NFT ecosystem experienced a significant uptick in activity during the month of October, following a period of dormancy. In light of this resurgence, CryptoCrypto decided to delve deeper into the performance of leading NFT blockchains during the prior month.
October’s NFT Performance
A notable figure in the crypto space, Ayo Creator, who serves as the CEO of Pictodl and is a respected crypto influencer, recently took to Twitter to share an intriguing update. According to his tweet, October saw a noteworthy revival in NFTs, reaching a monthly trading volume of $356 million.
This surge represented an impressive 18% increase compared to the preceding month, with total transactions surging by 42% to reach 7.2 million. The substantial upturn in these figures sparked optimism for a potential NFT boom in the near future.
CryptoCrypto then conducted an in-depth analysis to assess the performance of various blockchains in the initial month of Q3 in the NFT sector. The evaluation began with an examination of Ethereum [ETH]. Based on our scrutiny of Cryptoslam’s data, ETH’s buyer base expanded marginally by 3% during the past month.
Surprisingly, other key metrics painted a less favorable picture. Ethereum witnessed a notable decline in both its sales volume and transaction count by 33% and 60%, respectively.
The situation with Solana [SOL] appeared even bleaker, as both its sales volume and transaction activities witnessed a downturn of 22% and 18%, correspondingly. Furthermore, the number of NFT buyers and sellers in the SOL ecosystem dropped by 25% and 17% over the same period.
A similar fate befell Bitcoin [BTC], with most of its metrics experiencing a decline. This trend indicated that the major players did not significantly contribute to the overall upsurge in NFT activity witnessed in October.
Proceeding further, CryptoCrypto assessed the top-performing NFT collections on each respective blockchain in the recent 30-day period.
According to data from DappRadar, Bored Ape Yacht Club emerged as the leading collection on Ethereum, while Frogana claimed the top position on Solana. As for Bitcoin, Bitcoin Puppets stood out as the top performing collection in the past month.
Assessing November’s NFT Landscape
Given the lackluster performance of leading blockchains, CryptoCrypto shifted its focus to evaluate the overall status of the NFT ecosystem in November.
Based on our examination of NFTGo’s data, the NFT market capitalization experienced a sharp decline early in November, plummeting by nearly $100 million within a short span of time.
In addition, there was a reduction in the number of active traders. Nevertheless, the count of long-term NFT holders continued to increase throughout November.