The NFT market is soaring back to its highest point since May 2022.
The trading of NFTs is skyrocketing upwards, according to DappRadar’s February industry report. In fact, NFT trading hit $2 Billion in February.Â
Moreover, this represents a 117% increase from the previous month.
Indeed, one of the main reasons for the spike is Blur – the new NFT marketplace and OpenSea’s main rival. Blur is competing directly with OpenSea and is seizing control of the market share. At present, Blur has 64.8% of the entire NFT market trading volume, with $13 Billion in February. By comparison, OpenSea is trailing behind with $587 Million, and 28.7% of the market share.
As the competition between the two leading marketplaces intensifies, NFT traders are back in full force.Â
The rise of Blur
Blur is inspiring much activity in the NFT market, with its focus on serving professional traders and NFT whales. However, Blur’s 96,856 traders in February still falls well short of OpenSea’s 316,199.
In summary, Blur offers significant financial rewards to its top traders, who bid for and sell NFTs in high volume. In addition, the marketplace now offers a minimum royalty fee of 0.5% while rewarding its loyal users who don’t list NFTs on other secondary marketplaces.Â
Therefore, we’re seeing incredible surges in NFT trading volume on Blur. However, in terms of user base, OpenSea remains the king for now.
Yuga Labs still on top
Yuga Labs retains NFT trading volume dominance, with numbers 1,2 and 3 in the charts. The most traded NFT collection in February was Mutant Ape Yacht Club (MAYC) with $157 Million, followed by Otherdeed for Otherside, and Bored Ape Yacht Club (BAYC). After that, the best of the rest include Azuki, Moonbirds, and Doodles V4 to name a few.
Despite the increase in trading volume for NFTs, the sales of NFTs dropped to 6.3 Million in February – down from $9.2 Million in January.
Top blockchains for NFTs
Finally, Ethereum remains the dominant force with 83.36% of the market share for NFT trading volume. However, Polygon is improving with a 147% increase for January, and so is Immutable X and BSC Chain, both with a 71% increase from the previous month.Â
All in all, things are looking up for NFTs after a severe dip in 2022.Â
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