October's NFT Marketplace Insights: Surge in Volume, OpenSea's Dominance, and Unique Trends

October has brought significant developments to the NFT market, with a notable surge in trading volume, the enduring dominance of OpenSea, and intriguing insights into royalties. In this excerpt from The Block Pro's October NFT Marketplace Recap, we briefly explore key trends and statistics from the past month, shedding light on the evolving NFT landscape.

Market Volume Surge

The NFT marketplace experienced a substantial 23% month-over-month (MoM) increase in trading volume, rising from $210 million in September to $260 million in October. The driving force behind this growth is none other than Blur, which continues to lead in secondary volume.

OpenSea's Unwavering Dominance

Despite a 5% MoM decrease in unique traders within the NFT ecosystem, OpenSea remains the undisputed leader. OpenSea captured an impressive 75% of unique traders across all NFT platforms, affirming its enduring appeal to traders and collectors alike, even as it experienced a dip in its share of overall trading volume.

Royalties and OpenSea's Payouts

Despite reaching an all-time low, royalties saw a slight uptick in activity. OpenSea emerged as the frontrunner in both royalties and platform fees, distributing an impressive $1.74 million to creators while collecting nearly 975 ETH ($1.75M) in platform fees.

For an in-depth recap of the October NFT Marketplace, take a look at a new report from our Research Analyst, Bradley K. with a trial subscription to The Block Pro.