Q1 2023 Trend sets a bullish tone – CryptoMode
The NFT market is estimated to reach a trade volume of USD 22.69 billion by the end of 2023, marking a 39% decrease compared to 2022, which reported in the latest Balthazar NFT Marketplace update. The comprehensive analysis covers ten major NFT marketplaces, revealing that Blur maintains its dominance despite a recent decline in NFT trading volume in March.
Analyzes the decline in the NFT market in March 2023
In March 2023, the aggregate trading volume across the ten marketplaces studied reached $2.04 billion, representing a 9.8% decrease compared to February 2023 ($2.26 billion).
The total trading volume for the first quarter of 2023 (January-March) was $5.67 billion, 84.2% higher than the previous quarter ($3.08 billion). Notably, the market has regressed to July 2022 levels over the past two months, following a continuous decline from the peak in Q1 2022.
John Stefanidis, co-founder and CEO of Balthazar, expressed enthusiasm for the growing momentum in the NFT market. He highlighted the emergence of high-quality projects and the positive influence of Bitcoin’s recent performance on overall market sentiment.
Stefanidis pointed to the exciting possibilities presented by Ordinals, NFTs on the Bitcoin blockchain, and the upcoming launch of Babylon, a software development kit for Web3 game developers.
The dominance of Blur and Axie Marketplace
Blur continued to lead NFT sales volume in March, with the highest trading volume for the month at $1.34 billion. Of the top ten marketplaces, only Blur and Axie Marketplace experienced increased trading volumes in March compared to February.
Axie Marketplace’s trading volume increased by 36.6% to $88.45 million, a trend that is expected to continue following the recent announcement of betting and gaming partnerships on the Ronin Network.
Examines the changes in trade volume and user numbers
March 2023 saw a 38% decrease in trading volume compared to March 2022 across the ten marketplaces. Some marketplaces experienced significant declines, such as LooksRare, Axie Marketplace and OpenSea, while others, such as X2Y2 and JPG Store, recorded significant increases.
In terms of market share, Blur had 65.5%, followed by OpenSea at 14.4%, and X2Y2 at 8.8%.
In March 2023, the total number of users registered on the ten marketplaces was 1.46 million, a decrease of 7.4% compared to February 2023. However, the first quarter of 2023 had a 6.5% increase in users compared to the fourth quarter of 2022, with 4.68 million users in Q1 2023 and 4.40 million users in Q4 2022.
The total number of trades in March 2023 on the ten marketplaces reached 3.78 million, a decrease of 24.4% from the previous month. Blur was the only marketplace to see an increase in trades, while X2Y2 experienced the biggest decrease.
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