NFTs on Solana Soar while other blockchains still falter

•NFT trading volume fell again in November, continuing a broader market trend that began in May.

• According to data provided by analytics firm DappRadar, the overall NFT market produced about $643 million worth of organic trading volume in November — down over 8% from October.

• This is 88% lower than the January peak of $5.36 billion.

• The Solana NFT space saw a 42% jump in overall trading volume in November, up to $95 million per DappRadar’s analysis.

• On the other hand, trading on the Flow blockchain fell by over 50% to under $7.7 million as NBA Top Shot notched its worst secondary sales month in two years — under $2.1 million worth, per data from analytics platform CryptoSlam, down even further from October.

• Ethereum marketplace X2Y2 saw its organic NFT trading volume fall by half in November, meanwhile, from almost $182 million

After several months of decline, NFT trading volume fell again in November. This continued a broader market trend that began in May. While the overall value of NFTs has continued to increase, the number of transactions has decreased. This is likely due to a combination of factors, including the development of new competing platforms and the increased scrutiny of NFTs by regulators. However, it is also possible that the recent decline in trading volume is simply a temporary lull. Time will tell whether the NFT market can regain its momentum or whether this is the beginning of a more long-term trend.

On the plus side, the Solana NFT space saw a 42% jump in overall trading volume in November, up to $95 million. However, trading on the Flow blockchain fell by over 50% to under $7.7 million as NBA Top Shot notched its worst secondary sales month in two years — under $2.1 million worth, per data from analytics platform CryptoSlam. Ethereum marketplace X2Y2 saw its organic NFT trading volume fall by half in November, meanwhile, from almost $182 million.

NFT Market Recap

The overall NFT market had a relatively quiet month in November, with overall trading volume falling 8% from October to $643 million. This is still 88% lower than the January peak of $5.36 billion, however, highlighting just how far the market has fallen since its all-time high earlier this year.

There were some bright spots in November, with the Solana NFT space seeing a 42% jump in overall trading volume. This was driven largely by platforms such as Reef and Polyient Games, which offset some of the declines seen on other major blockchains such as Ethereum and Flow. All told, Solana saw almost $95 million worth of NFT trading volume last month.

On the other hand, it was a tough month for Flow as NBA Top Shot notched its worst secondary sales month in two years — under $2.1 million worth, per data from CryptoSlam. As a result, Flow saw its overall trading volume decline by over 50% to under $7.7 million. Ethereum marketplace X2Y2 also saw its organic NFT trading volume fall by half in November, from almost $182 million.

Overall, it was a quiet month for the NFT market in November with most major platforms seeing declines in trading activity. There were some bright spots — namely on Solana — but overall it was a down month for the industry as a whole. We’ll be closely watching to see if this trend continues into December or if there’s a rebound ahead for the NFT market.

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