NFT Trading Hits Record High in February: $2 Billion in Volume!
• NFT trading volume increased to $2 billion in February, surpassing pre-LUNA crash levels according to DappRadar’s Industry Report.
• Ethereum (ETH) remained the top blockchain by NFT trading volume, with $1.8 billion in trading volume, representing 83.36% of the market.
• Blur triumphed over OpenSea in terms of trading volume, facilitating over $1.3 billion in February compared to OpenSea’s $587 million.
NFT Trading Volume Reaches Pre-LUNA Crash Levels
The non-fungible token (NFT) market experienced a 117% increase from January to February, reaching its pre-LUNA crash levels and recording a total trading volume of $2 billion for the first time since May 2022, according to DappRadar’s Industry Report. Despite this surge, the sales count recorded a 31.46% decrease from January’s 9.2 million down to 6.3 million units sold in February.
Ethereum Dominates NFT Market
Ethereum (ETH) maintained its position as the top blockchain by NFT trading volume with $1.8 billion in February — representing 83.36% of the entire NFT market and showing an impressive 174% increase from its January numbers of $659 million.. Solana (SOL) followed ETH closely as second place with a total trading volume of $75 million — 12% lower than what was seen in January at $86 million — while Polygon (MATIC) came third with an impressive 147% increase month on month, reaching a total of $39 million in traded volumes compared to January’s figures at just 16 million dollars worth of NFT trades facilitated on their network..
Blur Trumps OpenSea
In terms of sheer traded volumes, Blur came out on top for February and managed to facilitate over 1 point 3 billion dollars worth of trades throughout the month compared to OpenSea’s 587 Million dollars worth of trades executed during that same period — granting Blur 64 8 percent share of all traded volumes within the NFT market place while OpenSea represented 28 7 percent . X2Y2 and LooksRare followed suit as third and fourth respectively within that ranking with 39 Million Dollars and 29 Million Dollars worth trades facilitated respectively throughout last month – giving them 1 9 percent & 1 4 percent shares respectively within that same metric .
OpenSea Holders User Lead
Even though Blur has been able to secure higher numbers when it comes down to actual traded amounts , OpenSea still holds a significant lead when it comes down user base counts – sitting currently at 316 199 registered users while Blur only has 96 856 users registered on their platform . This means that if both platforms were able to continue growing at their current speed , then it wouldn’t be long before we start seeing more parity between both networks when it comes down user counts .
To conclude , we’ve seen how Non Fungible Token markets have been able to recover back up once again after experiencing lows due LUNA ‘s price crash back last year . It is also interesting observe how different platforms are competing against each other for user acquisition & providing value propositions which are attractive enough for those users stay put instead opting for another Network entirely . All these trends can help us understand how this ecosystem will develop going forward & whether or not certain projects will be successful or not depending on how they choose approach matters such as user growth & engagement strategies among others things too !