• NFT trading volume increased to $2 billion in February, reaching its pre-LUNA crash levels.
• Ethereum remained the top blockchain by NFT trading volume with $1.8 billion in February.
• Blur triumphed over OpenSea in terms of trading volume, facilitating over $1.3 billion throughout the month.
NFT Trading Volume Returns to Pre-LUNA Crash Levels
The non-fungible token (NFT) market’s trading volume increased to $2 billion in February, according to DappRadar’s Industry Report. This marks a 117% spike from January’s $956 million and is the highest since May 2022, when the LUNA crash happened.
Ethereum Dominates as Top Blockchain by NFT Trading Volume
Ethereum (ETH) remained the top blockchain by NFT trading volume, recording $1.8 billion for February — a 174% increase from January’s $659 million and representing 83.36% of the entire NFT market. Solana (SOL) came second with $75 million in trading volume, but this still marked a 12% decrease from January’s figure of $86 million; Polygon (MATIC) was third with an impressive 147% increase to reach $39 million from last month’s total of just 16 million dollars.
Blur vs OpenSea
Blur proved more popular than OpenSea when it comes to trading volume; Blur facilitated over 1.3 billion dollars worth of trades throughout February while OpenSea recorded 587 million — indicating that Blur accounted for 64.8% of the whole NFT market and OpenSea 28%. X2Y2 and LooksRare followed behind with 39 and 29 million respectively — making up 1.9% and 1.4%.
Profit Chasers vs Art Lovers
Even though Blur has more impressive trade numbers than OpenSea, OpenSea still has more users — 96 856 on Blur compared to 316 199 on OpenSea at present time — meaning that profit chasers are outnumbering art lovers at least for now!
Conclusion
Despite a 31 46 % decrease in sales count from 9 2 million in January down to 6 3 million this month, overall it looks like Non Fungible Tokens are growing both in popularity and value — making them an interesting investment option for those looking for something new!