The global NFT market has seen a dramatic decline, losing around 45% of its total value in just 30 days, even as overall trading activity ticked up in October.
According the information, total NFT market capitalization plunged from $6.6 billion on Oct. 5 to $3.5 billion by Nov. 5. Despite this, CryptoSlam data shows NFT sales rose 13% month-over-month, reaching $631 million in October. Notably, Bitcoin and Base NFTs stood out, gaining 9% and 24%, respectively, while other blockchains suffered steep declines.
BNB Chain and Polygon led the downturn, each losing more than 80% of their value. Ethereum, the dominant NFT network, fell 25.5%, while Solana, Immutable, and Avalanche recorded losses between 31% and 35%.
Even as NFT prices slump, key industry players are shifting focus. OpenSea announced plans to expand into a universal onchain trading hub, while Animoca Brands confirmed its intent to list on Nasdaq, signaling ongoing mainstream interest in Web3 despite the NFT cooldown.
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