SNEAK PEEK
- Solana trading volume has surged after an enfeebled October, while NFT trading on Flow slipped by over 50%.
- Overall trading volume slipped about 8% in November, while the total number of NFTs sold dropped 23% when compared to October.
- The overall NFT market produced around $643 million worth of organic trading volume in November.
November was all of the turbulence that also impacted the NFT sector, with plunging crypto prices and declining NFT values further impacting a dwindling market. As per the latest market reports, it was seen that again in November, the total NFT trading volume fell, following a broader market trend that started in May.
If we look into the data that has been provided by the analytics firm, in November, the overall NFT market produced around $643 million worth of organic trading. However, it is down by 8% from October, as that month, the organic trading was calculated at about $702 million.
There was around a 25% decline from September to October; currently, it’s less of a month-over-month drop than before, but still, there has been a drastic fall in trading volume since earlier this year. For example, in January market made a high with $5.36 billion in sales volume; this shows the trading volume in U.S. Dollar terms has fallen dramatically by 88% since then.
Few reports in the market mention notable upward and downward month-over-month shifts in the blockchain network. For example, Solana NFT space made a significant jump of 42% in overall trading volume in November, up to $95 million, and the majority of trading came from its top marketplace Magic Eden.
The famous profile-picture project yoots, which has also revealed its most-awaited artwork early in the month, collected the largest share of that action. Now due to the hype around yoots and its late rollout, Solana NFT trading has seen up-and-down patterns over the last few months.
