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October’s NFT transaction volume reached $13 million.

Original title: "The Development of the NFT Market on Ethereum"

Author: DappRadar

In the past few months , the heat surrounding non-fungible tokens (NFTs) around art and games began to heat up, and the market activity supporting the trading of such tokens reached its peak in terms of the number of traders and transaction volume.

In this overview, we will analyze the top three NFT marketplaces running on Ethereum.

Important Takeaway

NFT traders are up 87% on average in October.

In October, NFT transaction volume reached 13 million US dollars.

OpenSea ranks first in transaction volume.

Rarible maintains its leading position in terms of number of traders.

Axie Marketplace saw steady growth in both the number of traders and volume in October, ranking third.

The number of NFT market traders rose sharply by 87% in October

According to DappRadar Looking at the NFT market page, we can see that the number of traders is on the rise in October.

There was an 87% increase in the total number of transactions in October compared to September. The largest contributors were OpenSea and Rarible; accounting for 76% of this increase

Rarible maintained its lead in terms of total number of traders.

Volume Fluctuations September volumes on Rarible hit a record high, but October volumes shrunk due to fees introduced on the platform, reducing volume . This has resulted in OpenSea taking the lead in the NFT market category.

A Deeper Look at OpenSeaOpenSea is a peer-to-peer marketplace for crypto collectibles where users can buy, sell and auction non-fungible tokens. The platform is the first of its kind on the Ethereum blockchain.

In terms of deal volume, OpenSea solidified its lead with a 50% increase in October compared to September. Its total transaction volume increased from $2 million in September to $4 million in October.

According to OpenSea’s 7-day trading volume, the increase in trading volume is attributed to items being sold in other major NFT marketplaces. The biggest contributors are NFTs from Rarible, Axie Infinity, and SuperRare.

Learn more about Rarible

Rarible is an open-source marketplace built on the Ethereum network in early 2020. Users can mint, sell and buy collectibles. The platform launched its RARI token in September, which further fueled its growth.

In October, Rarible's data in terms of the number of traders and trading volume fluctuated a lot. Although the number of traders in October increased by more than 9% compared to September, trading volumes fell by 29%.

The price of RARI also plummeted 70% in October, trading around $1.94 at the end of October, after peaking at $9 in mid-September.

Inside Axie Marketplace

The Axie Infinity game has its own interior The trading market, called Axie Marketplace, where players can buy, sell, auction and other operations on game assets.

Before we dive into the current growth, Axie Infinity is expected to release its governance token, Axie Infinity Shards (AXS), in early November. The token may also impact metrics on the Axie Marketplace in the near future.

Axie Marketplace is growing steadily month by month. It ranks third in terms of total trading volume and number of traders, with $1.3 million and 349 traders, respectively.

October saw a 54% increase in transaction volume and a 41% increase in the number of traders compared to September. Axie Infinity proves that gaming NFTs are also gaining traction.

Conclusion

Due to liquidity mining, the data of the NFT market in September in terms of trading volume and number of traders also start to rise.

This upward trend continued into October, and the Ethereum-based NFT market data began to increase steadily month by month.

Dapps such as Rarible and OpenSea are fiercely competing for leadership in the NFT market. The Axie Marketplace, which is dedicated to games, is also experiencing strong growth.

As always, we will continue to analyze and report on the rapidly evolving NFT market. You can continue to track and focus on this space via DappRadar's Market Ranking page.

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