March NFT Report: Blur dominates NFT market volume as Polygon Web3 ecosystem expands

During March, the NFT market saw a total of 900,000 ETH traded in 2M sales, made by 601,000 users, while 69% of the volume occurred on Blur, 20% on OpenSea, 3% on LooksRare and 2.5% on x2Y2.

Blur also had the highest sales rate per user, with a monthly average of 4.9 sales per user, more than double that of OpenSea which only had 2.4 sales per user. While they also see a higher volume per sale ratio compared to OpenSea, with 0.74 ETH per sale on Blur, and 0.23 ETH per sale on OpenSea.

The Polygon Web3 Ecosystem:

On March 28 Polygon announced the migration of y00ts, a generative art project of 15K NFTs, to the Polygon network. Currently, 12,207 y00ts are bridged to Polygon, and 10,020 of them are already staked (82% of bridged). The collection already had $3.3 million in secondary sales, from 751 different sales. Average $4,455 per sale. The highest sale was y00t #6502, which sold for $10,955.

Frank, the y00ts founder, stated on the Bankless podcast that “for an NFT initiative, to be connected to a lot of amazing businesses, a lot of really talented builders, that really excited us.” “Starting at Polygon in 2023 is kind of a no-brainer.”

Lens Protocol, the decentralized social graph built on the Polygon blockchain, now reached an ATH in monthly user engagements during March, surpassing 3M total monthly engagements (posts, comments and mirrors), while experiencing an ATH in monthly active Lens profiles, over 66K MAUs, who on average each engaged 45 times.

Lens Protocol recently reached a major milestone of over 100,000 profile owners. Launched by the team behind DeFi platform Aave in February 2022, the platform recently added a new feature called Token Gated Publication that allows users to token-gate their content.

To top things off, Reddit came out with new polygon-based NFTs to promote awareness of endangered animals, and to date, a total of 156,500 “endangered animal” Reddit NFTs have been minted, averaging 14K avatars per day.

Ordinals, the Bitcoin-based NFTs, continue to see high volumes of inscriptions, recently surpassing a total of 150 Bitcoins paid in network fees for minting new Bitcoin NFTs, with over 714K Bitcoin NFT inscriptions to date.