Cryptocurrency markets saw turmoil in November, leading to a decline in NFT valuations and an overall weakening of the market, according to data from DappRadar. Total NFT trading volume fell again in November, continuing a trend that started in May, with the market peak in January at $5.36 billion in sales volume, down 88% since then.
2. DappRadar’s data excludes trades suspected to be manipulated through wash trading, which is when an NFT is sold back and forth between a user’s own wallets at artificially inflated prices. There were some significant upward and downward month-over-month shifts across blockchain networks and specific marketplaces in November, with the Solana NFT space seeing a 42% jump in overall trading volume in November to $95 million. The Flow blockchain saw a 50%+ decline in trading volume in November to under $7.7 million, with Dapper Labs, the creator of both sports NFT platforms and the Flow blockchain, announcing in early November that it had laid off about 22% of its team given current market conditions.
3. Ethereum marketplace X2Y2 saw its organic NFT trading volume fall by half in November, from almost $182 million in October to just over $90 million, while rival Ethereum marketplace LooksRare saw its organic trading volume double to $25 million in November. The total number of
