According to Decrypt, the non-fungible token (NFT) market is showing signs of life, with trading volume growing by $99 million in October compared to September. Crypto data firm DappRadar reported that NFT trading volume increased 32% from $306 million in September to $405 million in October, breaking the yearlong downward trend. The growth in NFT trading volume coincided with the price of Bitcoin rising above $35,000, its highest price in 16 months, on anticipation of a potential spot Bitcoin ETF approval in the U.S.
DappRadar's report highlighted Solana as a notable network in terms of growth, with NFT trading volume on the layer-1 increasing 15% from $24 million to $27.6 million. The price of Solana itself surged 65% in October, jumping from $23 to around $38. Ethereum, the second-largest cryptocurrency, saw a 50% jump in NFT trading volume, maintaining its leading position. Despite the rise in trading value, the overall number of NFTs sold in October slid by 5%, from 3.58 million in September to 3.4 million last month.
