In November, NFT trading volume experienced a significant increase of 122% compared to October, totaling $908 million in transactions of digital collections.
The majority of this trading occurred on projects hosted on the Bitcoin and Ethereum networks, with their trading volumes reaching $373 million and $349 million respectively, according to data from CryptoSlam.
This marks a 52% increase in trading on these leading blockchains over the past 30 days. In contrast, October saw the lowest activity in the NFT market since the start of 2021, with a trading volume of only $313 million.
Apart from Bitcoin and Ethereum, Solana also saw a significant increase in NFT trading, with a jump of 773% in November.
According to Statista predictions, the popularity of digital collections is expected to continue to rise in December, due to the holiday season.
By the end of 2023, the NFT market is estimated to have a capitalization of over $1.6 billion, with the average user earning $114.3 from their collections.
Notably, the majority of investors in this market are from the United States. The Statista report also forecasts that by 2027, the number of NFT project users will reach 19.3 million.
