Crypto’s JPEG market is showing signs of life—despite mass layoffs at prominent marketplace OpenSea on Friday—as NFT trading volume grew by $99 million in October compared to the month before, according to a report released by crypto data firm DappRadar.

“The yearlong downward trend in NFT trading has been broken,” DappRadar wrote, noting that NFT trading volume increased 32% from $306 million in September to $405 million last month. The firm described it as levels of sales not seen since August.

NFTs are unique digital tokens that represent the ownership of an item, often digital art. While the market for NFTs was bubbly in 2021 and early 2022, this year has been tough for many profile picture (PFP) projects so far—as hype for collections like Yuga Labs’ Bored Ape Yacht Club (BAYC) chills amid a prolonged crypto winter.

However, signs of warmth in the broader digital assets industr

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Author: André Beganski

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