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NFT buying and selling quantity returns to pre-LUNA crash ranges in February

Non-fungible token (NFT) market’s buying and selling quantity elevated to $2 billion in February, reaching its pre-LUNA crash ranges, based on DappRadar’s Trade Report.

The NFT buying and selling quantity recorded a 117% spike from January’s $956 million, because the DappRadar information exhibits.

NFT trading volume and sales count (Source: DappRadar)
NFT buying and selling quantity and gross sales rely (Supply: DappRadar)

Regardless of the numerous surge within the NFT buying and selling quantity, the gross sales rely recorded a 31.46% lower, falling to six.3 million from January’s 9.2 million.

In February,  Ethereum (ETH) remained the highest blockchain by NFT buying and selling quantity. The chain recorded $1.8 billion in buying and selling quantity, which marks a 174% enhance from the $659 million in January. Primarily based on these numbers, ETH represents 83.36% of all the NFT market.

Top blockchains by NFT trading volume (Source: DappRadar)
High blockchains by NFT buying and selling quantity (Supply: DappRadar)

Solana (SOL) and Polygon (MATIC) adopted ETH because the second and third chain, with the very best NFT buying and selling quantity in February. Although SOL ranked second by facilitating $75 million in buying and selling quantity, it nonetheless recorded a 12% lower from January’s $86 million. MATIC, then again, marked a 147% enhance in February, reaching $39 million from the $16 million of the earlier month.

Blur vs. OpenSea

In February, Blur triumphed over OpenSea by way of buying and selling quantity. Blur facilitated over $1.3 billion in buying and selling quantity all through the month, whereas OpenSea got here second with $587 million. These numbers point out that Blur accounted for 64.8% of the entire NFT market buying and selling quantity, whereas OpenSea represented 28.7% of it.

X2Y2 and LooksRare adopted OpenSea as third and fourth within the rating by recording $39 million and $29 million in buying and selling quantity, representing 1.9% and 1.4% of the entire market, respectively.

Revenue chasers vs. artwork lovers

Although the distinction in buying and selling volumes factors to Blur because the busiest NFT market, OpenSea nonetheless holds probably the most important variety of customers. At present, Blur has 96,856 customers versus OpenSea’s 316,199. To meet up with OpenSea on that entrance, Blur has additionally been attempting to develop its person rely by issuing airdrops to loyal customers.

Referring to this distinction in person counts and buying and selling quantity, DappRadar acknowledged:

“This [the contrast in numbers] confirms that the buying and selling patterns on Blur are largely pushed by NFT whales farming on the platform slightly than typical buying and selling exercise.”

In help of this notion of Blur,  a whale just lately offered 139 NFTs and earned $9.6 million.

A selected a part of the neighborhood additionally criticizes Blur for stripping the artwork from NFTs and luring individuals by selling nice returns. A consultant of this crowd, Aaron Sage, just lately wrote:

“I simply want the NFT area may swap it’s lens to how we was – in regards to the artwork and tradition (i.e. ape noises in clubhouse and even the lazy lion twitter raids), however not what it’s right now with Blur.

Posted In: Evaluation, NFTs


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