NFT Trading Signs Strong Q1 as Sales Explode to $4,700,000,000: DappRadar
The non-fungible tokens (NFT) market has started the year with a strong performance as sales and trading volumes in the first quarter reached their highest level since Q2 2022.
According to data from blockchain intelligence platform DappRadar, trading volume for crypto collectibles increased to $4.7 billion in Q1, a 137% increase from the previous quarter.
February was a particularly strong month due to the NFT marketplace Blur’s (BLUR) token airdrop, but as excitement subsided, trading volume fell 15.65% in March. Sales also fell by 4.63% with 2.7 million NFTs sold last month.
The NFT sector ended Q1 on a high as the sales figure reached 19.4 million in the period, an increase of 8.56% from the last quarter of 2022.
“The NFT market has had an impressive start to the year with Q1 2023 being the best quarter since Q2 2022. Despite a slight decline in trading volume in March, the overall performance has been bullish.”
Ethereum (ETH) maintains its position as the top blockchain for NFTs with $4.1 billion in trading volume in Q1. The leading smart contract platform is followed by Solana (SUN) and polygon (MATIC) with $242 million and $85 million, respectively.
Q1 also witnessed the emergence of a new dominant player in the area as Blur takes over the position of long-standing leading NFT marketplace OpenSea. In the first quarter, Blur recorded a trading volume of $2.7 billion and a market dominance of 57.44%. Meanwhile, OpenSea recorded a trading volume of $1.4 billion and a market dominance of 31.10%.
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Featured image: Shutterstock/david.costa.art
