NFT trading volume returns to pre-LUNA crash levels in February
The non-fungible token (NFT) market’s trading volume increased to $2 billion in February, reaching pre-LUNA crash levels, according to DappRadar’s industry report.
NFT trading volume registered a 117% increase from January’s $956 million, DappRadar data shows.
Despite the significant increase in NFT trading volume, the sales figure recorded a 31.46% decline, falling to 6.3 million from January’s 9.2 million.
In February, Ethereum (ETH) remained the top blockchain by NFT trading volume. The chain recorded $1.8 billion in trading volume, marking a 174% increase from $659 million in January. Based on these numbers, ETH represents 83.36% of the entire NFT market.
Solana (SOL) and Polygon (MATIC) followed ETH as the second and third chains, with the highest NFT trading volume in February. Although SOL came in second by facilitating $75 million in trading volume, it still recorded a 12% decline from January’s $86 million. MATIC, on the other hand, marked a 147% increase in February, reaching $39 million from $16 million last month.
Blur vs. OpenSea
In February, Blur triumphed over OpenSea in terms of trade volume. Blur facilitated over $1.3 billion in trading volume throughout the month, while OpenSea came in second with $587 million. These figures indicate that Blur accounted for 64.8% of the entire NFT market trading volume, while OpenSea represented 28.7% of it.
X2Y2 and LooksRare followed OpenSea third and fourth in the ranking by registering $39 million and $29 million in trading volume, representing 1.9% and 1.4% of the entire market, respectively.
Profit hunters versus art lovers
Although the difference in trading volume points to Blur being the busiest NFT marketplace, OpenSea still has the largest number of users. Currently, Blur has 96,856 users as opposed to OpenSea’s 316,199. To catch up with OpenSea on that front, Blur has also been trying to increase its user base by issuing airdrops to loyal users.
Referring to this contrast in user numbers and trading volume, DappRadar stated:
“This [the contrast in numbers] confirms that the trading patterns on Blur are largely driven by NFT whaling on the platform rather than typical trading activity.”
In support of this opinion of Blur, a whale recently sold 139 NFTs and made $9.6 million.
A specific section of the community also criticizes Blur for removing the art from NFTs and luring people by promoting large returns. A representative of this crowd, Aaron Sage, recently wrote:
“I just wish the NFT room could change the lens to how we used to be – about art and culture (ie monkey noises in the clubhouse and even the lazy lion’s twitter attacks) but not what it is today with Blur.“
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