Q3 DappRadar Report: Crypto Market Recovery On-Chain
According to DappRadar's Q3 report, on-chain indicators suggest that the crypto market is beginning to recover.
Looking ahead, it is clear that the global macroeconomic environment will continue to influence and impact the crypto market. This means that we can expect to see more damaging corrections in the market, which could have a negative impact on the NFT market.
The NFT business continues to be in great demand, with new data suggesting that this demand is only growing. This is good news for those in the business, as it indicates that there is a healthy market for NFTs.
NFTs are in high demand, with people eager to get their hands on these digital assets.
The DappRadar Industry Report's latest edition reveals that, in Q3, the NFT trading volume climbed to $2.71 billion and was down by 67% from the previous quarter. However, there has been an 8.3% increase in the sales count from Q2. These numbers show that, even though the overall volume of NFT trades has decreased, the number of individual sales has actually grown.
It's clear that the demand for NFTs continues to be strong, despite the overall decline in the cryptocurrency market. The 10.4% increase in trading volume in September is proof of that. And with the sales count up 21%, it's clear that there's still a lot of interest in NFTs. So, despite the market downturn, it looks like the NFT business is still going strong.
It's clear that the NFT craze may have cooled off a bit, but that doesn't mean there isn't still interest in these digital assets. Ethereum's volume may be down 76% from Q2, but the number of trades has actually increased by 11%. Similarly, Solana's NFT trading volume is up 96% from last month, but still down 63% from Q2.
It's clear that the y00ts collection is a major force in the world of NFTs, managing to eclipse even the well-established OpenSea in just a month. This shows that there is strong demand for these types of digital assets, and that y00ts is quickly become a major player in this space. With sales of over $15 million already, it's clear that y00ts is here to stay and is only going to continue to grow in popularity.
With the recent explosion in popularity of non-fungible tokens (NFTs), it's no surprise that a new wave of collections has begun to take over the market. Among them is Renga, which has quickly become one of the most sought-after NFT collections around.
The bear market has been tough on the NFT space, but the blue chip projects have held their own. Yuga Labs: OtherSide, Bored Ape Yacht Club, Mutant Ape Yacht Club, and CryptoPunks have maintained their dominance, accounting for over 46.21% of the total NFT market cap. These projects have weathered the storm and come out stronger on the other side.
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Despite the volatile cryptocurrency market, blockchain-based games have remained mostly unfazed and have continued to be profitable. The vertical’s unique address wallet increased by 8% to 912K compared to August, signaling an upward trend.
“This is an optimistic indication for blockchain games since many have hypothesized that if game dapps cease to be financially advantageous for the ordinary user, they would lose the majority of their player base. It was shown to be false.”
The post-NFT boom has been good for the gameFi sector, with many developers and investors optimistic about the future of the space.