Could October’s NFT boom signal the start of NFT summer?

The month of October witnessed a considerable rise in traction in the NFT ecosystem. This happened after several winter months. Therefore, AMBCrypto planned to investigate further to find out how the top NFT blockchains performed last month. 

NFTs’ October gains

Ayo Creator, CEO of Pictodl, and a crypto influencer recently posted a tweet, revealing an interesting update. The tweet mentioned that NFTs saw a rebound in October, with a monthly volume of $356 million.

This revenue was a whopping 18% more compared to the previous month. Total transactions also surged to 7.2 million, marking a 42% rise. This considerable surge in numbers gave hope of a next NFT summer.

AMBCrypto then dug deeper to find out how different blockchains performed in the 1st month of Q3 in that space. To begin with, we checked Ethereum’s [ETH] state. As per our analysis of Cryptoslam’s data, ETH’s number of buyers only increased by 3% last month.

Surprisingly, the rest of the metrics were concerning. For instance, the blockchain’s sales volume and number of transactions plummeted by 33% and 60%, respectively. 

Source: CRYPTOSLAM

The situation with Solana [SOL] was even worse. For instance, its sales volume and transactions dipped by 22% and 18%. Moreover, SOL’s number of NFT buyers and sellers also dropped by 25% and 17% in the last 30 days.

Bitcoin [BTC] also shared a similar fate. This was the case, as most of the aforementioned metrics also dropped on Bitcoin. These metrics clearly revealed that the top players didn’t contribute much towards the rise in overall NFT numbers in October.

Source: CRYPTOSLAM

Moving forward, AMBCrypto checked the top performing collections on each of the blockchains in the last 30 days.

As per DappRadar’s data, Bored Ape Yacht Club was the top performer for Ethereum, while Frogana topped the list for Solana. Mentioning BTC, Bitcoin Puppets was the top performer in the last 30 days. 

What’s going on in November

Since the top  blockchains didn’t perform well, AMBCrypto then checked how the overall NFT ecosystem was doing in November.

As per our analysis of NFTGo’s data, the NFT market capitalization dropped sharply in November. To be precise, the  market cap dipped by nearly $100 million within a few days. 

Source: NFTGo

 

 

Apart from that, the number of traders also fell. Nonetheless, the number of long-term holders continued to rise in November.