NFT market erupts with $2 billion trading volume in February: Report

  • The NFT market noticed elevated gross sales quantity in February.
  • OpenSea Polygon recorded an all-time excessive in month-to-month gross sales quantity.

The Non-Fungible Token [NFT] market continued to indicate vigorous development and attracted a wider vary of collectors. The ecosystem noticed a considerable improve in buying and selling quantity in February, a brand new report from DappRadar revealed.

In accordance with the report, NFT gross sales quantity in February climbed to a excessive of $2 billion for the primary time since Could 2022. DappRadar famous that the expansion was primarily pushed by Blur [BLUR], a well-liked NFT challenge that noticed $1.2 billion in buying and selling quantity alone, representing a 117% improve in buying and selling quantity from the earlier month.

Supply: DappRadar

Polygon logs a milestone 

Whereas Ethereum [ETH] maintained its dominance within the NFT market with a complete gross sales quantity of $1.6 billion in February, DappRadar discovered that buying and selling quantity on Polygon [MATIC] grew by a whopping 147% inside the 28-day interval.

Information from Dune Analytics revealed that collectors on OpenSea traded Polygon-based NFTs price $109 million in February, inflicting the month-to-month gross sales quantity to rally to an all-time excessive.

Supply: Dune Analytics

Evaluating February’s largest NFT platforms

Gross sales quantity for Ethereum-based NFTs additionally jumped to the best degree for the reason that 12 months started. Per Dune Analytics, the month-to-month gross sales quantity totaled $647 million, a forty five% rally from the $446 million recorded in January.

Supply: Dune Analytics

The bounce within the sale of Polygon-minted NFTs on OpenSea was due partly to the rise within the variety of merchants. The depend of lively month-to-month merchants spiked to the best degree since September 2021, culminating within the spectacular development of gross sales quantity. In accordance with Dune Analytics, the variety of month-to-month lively customers that traded Polygon-minted NFTs on OpenSea was 226,880. 

Supply: Dune Analytics

Conversely, OpenSea Ethereum registered a drop within the depend of lively month-to-month merchants in February, which dropped by 5% throughout this era. 

One other level of disparity between Polygon-based NFTs and Ethereum-based NFTs on OpenSea in February was the depend of NFTs bought. Information from Dune Analytics confirmed that OpenSea Polygon NFTs noticed its month-to-month gross sales depend improve by 15%. Nonetheless, the variety of Ethereum-based NFTs bought on OpenSea declined by 28% inside the identical window interval.

Supply: Dune Analytics

Whereas Ethereum retained its 83.36% dominance over the market in February partly attributable to elevated consumer exercise on Blur, Glassnode, in a just lately revealed report, mentioned:

“The latest consideration surrounding Blur has led to a surge in demand for blockspace, leading to elevated charges for validators, and extra ETH being burnt by way of EIP1559.”

Nonetheless, the report additionally noticed:

“Whereas there was an enlargement in whole on-chain exercise and development, the variety of new addresses remains to be 40% decrease than this time final 12 months, and the month-to-month common stays beneath the yearly, signaling unfavourable momentum.”

Source link

Leave a Reply

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

Back to top button