While NFT trading volumes have declined over the months, DappRadar shows that interest in NFTs is still high.
Overall in October, NFT trading volume declined. Nevertheless, DappRadar suggests that the monthly unique NFT traders have increased by 18%, suggesting increased demand.
The monthly unique traders of NFTs climbed from 950,000 to 1.11 million in October, suggesting an increase in new users.
So even though trading volume declined to $662 million (lowest in 2022), the overall interest for NFTs is still high.
There are various factors that could have played a role in this. First and foremost, Magic Eden and LooksRare marketplaces both made royalties optional on NFT sales. Yuga Labs remains the leading entity on NFT marketplaces with the most trading volume through its prestigious collections.
The highest NFT sale of October was CryptoPunk #924, which sold for around $730,000. Nevertheless, trading volume in the Ethereum ecosystem has declined.
NFT trading volume in Polygon, however, has largely increased by almost 800%. This increase comes mainly from the huge success of Reddit NFT collections, which have taken over NFT rankings, according to DappRadar.
Millions of new NFT wallets were created because of Reddit NFT avatars. Here is the recent Halloween collection of Reddit NFTs:
Meta also announced a partnership with Polygon for upcoming NFT adoption.
All in all, because of recent development, NFT interest has increased recently, as suggested by DappRadar data.