NFT markets surged in February, surpassing $2 billion in total trading volume. NFT trading volume, which increased by 117% compared to the previous month, exceeded $2 billion.
NFT Sales Reached 2 Billion in March
As with cryptocurrencies, the NFT sector has seen increases in the past few months. According to market data from DappRadar, a data-sharing platform, the NFT market reached a total of $2.04 billion in February. In the following month (March), with support from on-chain data, the total trading volume of the NFT market was $1.95 billion. This represents a decrease of 0.4% compared to February.
Highest Trading Volume from Blur
The majority of the trading volume in the market came from Blur (NFT Marketplace). Additionally, about $1.35 billion worth of Ethereum NFT transactions took place on the marketplace, up slightly from $1.32 billion in February. Blur trading activity surged in mid-February when the marketplace launched its BLUR reward token, which has incentivized mass flipping from “whale” traders-that is, traders who hold large positions in a given collection and act as so-called market makers.
OpenSea, still the leading NFT marketplace in terms of total unique wallets, recorded transaction volume worth approximately $424 million in March, up from $587 million in February.
Conclusion
After NFTs surpassed $2 billion in trading volume in February, there were fewer NFT sales in March compared to the previous month. According to data from DappRadar and Dune, NFT sales were 5.8 million in March, compared to 6.5 million NFT sales in February. In addition, there were more NFT sales in January than in February (over 6.6 million), despite a significant increase in transaction volumes in February.
VISIT OUR OTHER BLOGS: ALL NEWS
2 Comments