Non Fungible Token: NFT crypto volume is growing

by · March 6, 2023

In February, The Non-Fungible Token (or NFT) market recorded $2 billion in crypto trading volume. This is a 117% increase over the previous month.

Non-Fungible Token Volume Rises to $2 Billion in Crypto

In DappRadar’s report for February, it appears that The NFT market experienced one increase in trade volume, by 2 billion dollars for the first time since May 2022.

This result represents a 117% increase during the previous month, despite the fact that the number of sales decreased by 31.46%. And in fact, the number of total NFT sales for February was 6.3 million.

Dominating the scene when it comes to blockchain is Ethereum, with $1.6 billion in NFT trading volume, and that’s 83.36% of the entire NFT market.

Yet, Polygon also seems to have had a significant increase now in February. And in fact it stands of +147%and reached an NFT trading volume of $39 million this month.

Among other blockchains that have been active participants in the general growth of the industry are Immutable X which focuses heavily on games and so that trading volume increases by 71% to 24.4 million dollars.

BNB chain also experienced similar growth, recording NFT trading volume of $7 million.

The Non-Fungible Token Market and the Best Platform Blur

Apparently, Blur was among the NFT platforms that contributed to the growth of the Non-Fungible Token market in February.

And indeed, Blur emerged as the top and dominant marketplace with $1.3 billion in trading volumewhich accounts for 64.8% of the entire NFT market’s trading volume.

Unlike, Open seathe main competitor, lagged behind with 587 million dollarscorresponding to 28.7% of the market.

Of course, despite Blur’s impressive trading volume, it’s worth noting OpenSea still has a much larger user base, with over 316,199 traders compared to Blur’s 96,856.

This means users appreciate the unique trading patterns offered by Blur compared to other marketplaces. According to the report, Blur’s trading activity is largely powered by NFT whales that farm on the platform.

Not only that, Blur has focused on royalty payment options, and now offers a minimum royalty rate of 0.5%. In addition, it has taken measures to limit NFT sales in secondary markets that do not respect royalties.

In this way, Blur hopes to become more attractive to NFT creators and increase its market share.

Generally speaking, other NFT marketplaces such as X2Y2 and LooksRare do not appear to have experienced large increases during February. Rather, the report says they were “lagging far behind,” with trading volumes of $39 million and $29 million, respectively.

Yuga Labs’ collections dominate the NFT scene

BAYC, MAYC, BAKC, Otherdeeds and Sewer Pass are the 5 collections of Yuga Labs which dominates the NFT scene, stands for 30% of all NFT trading volume on Ethereumwhich is 1.6 billion dollars. Not only that, the 5 collections rank in the top 10 in terms of total trade volume.

As for February, the report says six of the top 10 NFT sales for the month were CryptoPunkswhich together made 5.3 million dollars. Yuga Labs also bought the rights to this collection.

While the biggest NFT sale of the month was Golden Key Sewer Passsold by professional player Mongraal for a whopping 1000 ETH.

But the news does not end there. During the month of February, Yuga Labs launched its first NFT project on Bitcoin: Twelvefold. It is a collection of 300 non-fungible token generative art ordinals.

The TwelveFold project was launched in February, but the auction went live between yesterday and today, so it will be part of the March NFT report.

You may also like...

Leave a Reply

Your email address will not be published. Required fields are marked *