NFT market erupts with $2 billion trading volume in February: Report
- The NFT market experienced increased sales volume in February.
- OpenSea Polygon recorded a record monthly sales volume.
The unworkable symbol [NFT] the market continued to show strong growth and attracted a wider range of collectors. The ecosystem saw a significant increase in trading volume in February, a new report from DappRadar revealed.
According to the report, NFT sales volume in February climbed to a high of $2 billion for the first time since May 2022. DappRadar noted that the growth was primarily driven by Blur [BLUR]a popular NFT project that saw $1.2 billion in trading volume alone, representing a 117% increase in trading volume from the previous month.
Source: DappRadar
Polygon logs a milestone
While Ethereum [ETH] maintained its dominance in the NFT market with a total sales volume of $1.6 billion in February, DappRadar found that trading volume on Polygon [MATIC] grew by a whopping 147% over the 28-day period.
Data from Dune Analytics revealed that collectors on OpenSea traded $109 million worth of polygon-based NFTs in February, pushing monthly sales volume to an all-time high.
Source: Dune Analytics
Comparison of February’s largest NFT platforms
The sales volume of Ethereum-based NFTs also jumped to the highest level since the beginning of the year. Per Dune Analytics, monthly sales volume totaled $647 million, a 45% increase from the $446 million recorded in January.
Source: Dune Analytics
The jump in sales of polygon-patterned NFTs on OpenSea was partly due to the increase in the number of traders. The number of active monthly traders rose to the highest level since September 2021, culminating in the impressive growth in sales volume. According to Dune Analytics, the number of monthly active users trading NFTs with polygons on OpenSea was 226,880.
Source: Dune Analytics
Conversely, OpenSea Ethereum recorded a drop in the number of active monthly traders in February, which fell by 5% during this period.
Another disparity between polygon-based NFTs and Ethereum-based NFTs at OpenSea in February was the number of NFTs sold. Data from Dune Analytics showed that OpenSea Polygon NFTs saw monthly sales numbers increase by 15%. However, the number of Ethereum-based NFTs sold on OpenSea fell by 28% within the same window period.
Source: Dune Analytics
While Ethereum maintained its 83.36% market dominance in February, due in part to increased user activity on Blur, Glassnode, in a recently published reportso:
“The recent attention surrounding Blur has led to an increase in demand for block space, resulting in increased fees for validators, and more ETH being burned via EIP1559.”
However, the report also observed:
“While there has been an expansion in overall activity and growth in the chain, the number of new addresses is still 40% lower than this time last year and the monthly average remains below the annual average, signaling negative momentum.”
