Interest In NFTs Starting To Rise, Are Markets Starting To Restore?

Interest in NFT has been increasing since September. (Photo; Doc. BitcoinPl)

JAKARTA Non-Fungible Token (NFT) digital art, which has been affected by the decline in the crypto market in recent months, has been recovering since September 2022. Despite being affected by the global crypto market and macroeconomics, in the past month interest in NFT has increased again.

According to a DappRadar report, demand for NFT showed an increase. In Q3, NFT trading volume rose to USD 2.71 billion and fell 67 percent from the previous quarter. But there was an 8.3 percent increase in sales from Q2.

The volume of NFT trading jumped 10.4 percent in September compared to the previous month. In addition, sales increased by 21 percent, which shows the fact that the NFT business continues to be in demand. On the other hand, the overall decline in trading volume, may be contributed by the decline in the market value of cryptocurrencies.

The report also revealed that NFT trading volume on Ethereum has fallen by 76 percent from Q2, but the number of NFT trades is up 11 percent. Solana's NFT trading volume has seen an upward trend of 96 percent from the previous month but is still down 63 percent from Q2.

NFT y00ts and Range Picu Collections Improve Consumer Interests

CryptoPotato, one of the factors driving interest in NFT growth, is the launch of a collection of y00ts, which has led Ethereum network NFT enthusiasts to move their funds to NFT on Solana's network.

It managed to surpass OpenSea's giant volume chart even after one month of launch and earned $435,000 in US$15 million in secondary sales. Along with NFT y00ts, Renga happens to be another collection that has stolen the attention of the NFT market.

The decline in the crypto market has exacerbated the decline in the NFT market, but a number of leading NFTs such as the Bored Ape Yacht Club, the Mutant Ape Yacht Club, and CryptoPunks are still strong in maintaining their dominance in the NFT industry.

On the other hand, blockchain or GameFi-based games, a Play-to-Earn (P2E) type game are not so affected by the decline in the crypto market. DappRadar stated that the trend of gamesFi actually experienced an increase in its digital wallet by 8 percent to 912 thousand compared to August.

This is an indication of optimism for blockchain games because many hypothesize that if the dapps game is no longer financially beneficial for ordinary users, they will lose most of their player base. That is proven wrong, wrote DappRadar.