{"id":184795,"date":"2023-11-01T03:10:58","date_gmt":"2023-10-31T21:40:58","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=184795"},"modified":"2023-11-01T03:10:58","modified_gmt":"2023-10-31T21:40:58","slug":"nfts-october-treat-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/nfts-october-treat-crypto-news\/","title":{"rendered":"NFT’s October treat – Crypto News"},"content":{"rendered":"

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And just like that, non-fungible tokens (NFTs) have officially had their first \u2018Uptober.\u2019<\/p>\n

You\u2019ve felt it for weeks, and now the numbers don\u2019t lie; October was a very big month for NFTs. This week, sales have rebounded, and trends were broken including the seven-month skid for monthly NFT sales that October\u2019s over US$300 million in sales put an end to.<\/p>\n

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There was a perfect storm brewing for\u00a0NFTs<\/a>\u00a0to succeed this month. That storm resulted in a nine-week high for global NFT sales, even with total transactions slowing down to the lowest we\u2019ve seen in nearly 1 year. Sellers were taking advantage of now-perfect conditions to grab liquidity by selling their remaining valuable NFTs. It\u2019s hard to say that sellers were the winners here though, with trade profits still largely in the negative, to the tune of US$7.8 million.<\/p>\n

Still, large NFT sales like Bored Ape Yacht Club\u00a0#6022<\/u><\/a>, which sold for US$303,000, helped drive average NFT sale prices to a four-month high of US$60.38.<\/p>\n

Social finance (SoFi) platforms continue to play a big role in NFT\u2019s success, with their continued struggles to attract traders. Friend.tech failed to reach US$1 million of trading volume on multiple days in the past week, and Stars Arena is now crumbling under accusations of mishandling funds. The top five SoFi platforms all saw their total value locked (TVL) decline this week, with Stars Arena falling the most, down 86.11%.<\/p>\n

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The continued weakness in SoFi had traders ramping up wash trading yet again, pushing wash sales up over 42% from last week, and reaching a 15-week high of US$58 million.<\/p>\n

For this week at least, the good times will roll on, and it couldn\u2019t have been scripted more perfectly. First, today the Forgotten Runes project is hosting a massive metaverse Halloween party, and the entire NFT community is invited to join.\u00a0<\/p>\n

The party, called Nightmare Run, is powered by MSquared, the very tech behind Yuga Lab\u2019s Otherside. This metaverse is capable of hosting tens of thousands of gamers in a single live instance, and there\u2019s expected to be a pretty massive turnout.<\/p>\n

Later this week it\u2019s the Bored Ape\u2019s turn to party with Ape Fest 2023 taking place in Hong Kong on Nov. 4. For those who can\u2019t make it,\u00a0The DAM SHOW<\/a>\u00a0will be streaming interviews and alpha. If you\u2019ve not seen an NFT party yet, now is your chance for a sneak peek.\u00a0<\/p>\n

Let\u2019s appreciate October as the treat that it was for those who have weathered this long NFT winter. Maybe we\u2019ll find out it was a trick all along, but for now, it\u2019s pretty darn sweet. \u00a0<\/p>\n

Peep the charts<\/h2>\n
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