NFT Trading Volume Surges 117%, Reaches $2 Billion in Feb.
• NFT trading volume increased to $2 billion in February, reaching its pre-LUNA crash levels.
• Ethereum (ETH) remained the top blockchain by NFT trading volume with $1.8 billion.
• Blur had the highest trading volume over OpenSea with $1.3 billion and 96,856 users.
NFT Trading Volume Returns to Pre-LUNA Crash Levels in February
Non-fungible token (NFT) market’s trading volume increased to $2 billion in February, reaching its pre-LUNA crash levels according to DappRadar’s Industry Report.
Increase From January
The NFT trading volume recorded a 117% spike from January’s $956 million, as the DappRadar data shows. Despite the significant surge in the NFT trading volume, the sales count recorded a 31.46% decrease, falling to 6.3 million from January’s 9.2 million.
Top Blockchains By Trading Volume
In February, Ethereum (ETH) remained the top blockchain by NFT trading volume. The chain recorded $1.8 billion in trading volume, which marks a 174% increase from the $659 million in January.
- Solana (SOL): $75 million (12% decrease from previous month)
- Polygon (MATIC): $39 million (147% increase from previous month)
Blur vs OpenSea
In February, Blur triumphed over OpenSea in terms of trading volume. Blur facilitated over $1.3 billion in trading volume throughout the month, while OpenSea came second with $587 million.
Profit Chasers vs Art Lovers< p >Even though the difference in trading volumes points to Blur as the busiest NFT marketplace, OpenSea still holds the most significant number of users .Currently ,Blur has 96 , 856usersas opposedtoOpen Sea’s 316 , 199 . To catch up withOpen Sea on that front , Blur has also begun offering various incentive programs such as discounts and rewards for users who refer friends or purchase art pieces . p >
< h 2 >Conclusion h 2 > < p >As evidenced by these numbers , it is clear thatwhileBlur may be leadingin terms oftradingvolume ,OpenSeais still dominant when it comes to user base . In order forBlurtobecomemore competitiveandcontinuegrowinginthefuture , theywillneedtotakemore aggressive steps towards increasing theiruserbase and customer loyalty . p >