Crypto’s NFT Market Resilient Despite OpenSea Layoffs

Despite a recent wave of layoffs at the prominent NFT marketplace OpenSea, the market for JPEG-based NFTs is showing signs of a resurgence. According to a report from crypto data firm DappRadar, NFT trading volume witnessed a significant boost in October, growing by $99 million compared to the previous month.

DappRadar’s report stated, “The yearlong downward trend in NFT trading has been broken,” highlighting a remarkable 32% increase from $306 million in September to $405 million in October. These levels of sales have not been witnessed since August, marking a positive turn for the NFT market.

NFTs, or Non-Fungible Tokens, represent unique digital ownership of items, often digital art. While the NFT market experienced a surge in 2021 and early 2022, this year has posed challenges for many profile picture (PFP) projects, particularly as the hype around collections like Yuga Labs’ Bored Ape Yacht Club (BAYC) has cooled amidst a prolonged crypto winter.

Analysts suggest that the recent resurgence in the broader digital assets industry could be a contributing factor. The increase in NFT trading volume coincided with Bitcoin’s price surpassing $35,000, marking its highest value in 16 months. This surge is attributed to the anticipation of a potential approval for a spot Bitcoin ETF in the U.S.

DappRadar’s report also spotlighted Solana as a notable network in terms of growth. NFT trading volume on this high-speed layer-1 platform saw a 15% increase, climbing from $24 million to $27.6 million. Additionally, the price of Solana experienced an impressive 65% surge in October, rising from $23 to approximately $38, according to CoinGecko.

The report encompasses NFT trading volumes across various blockchains supporting this class of tokens. Despite the growth in other networks, Ethereum, crypto’s second-largest coin, maintained its lead with a 50% surge in NFT trading volume.

As the demand for JPEG-based NFTs soared in October, the floor price—representing the lowest listed NFT on secondary marketplaces—for popular PFP projects also experienced an uptick. Notably, the floor price of NFTs from the Bored Ape Yacht Club increased from $40,000 worth of Ethereum to approximately $55,000, underscoring the renewed interest in this segment of the NFT market.

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