NFT Trading Volume Hits $2B, Reaching Pre-LUNA Crash Levels
• NFT trading volumes returned to pre-LUNA crash levels in February, recording a 117% increase from January.
• Ethereum (ETH) remained the top blockchain by NFT trading volume with $1.8 billion in trading volume, representing 83.36% of the entire market.
• Blur recorded the highest NFT trading volume with over $1.3 billion facilitated throughout the month, while OpenSea came second with $587 million and represented 28.7% of it.
NFT Trading Volume Returns to Pre-LUNA Crash Levels
The 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. The NFT trading volume recorded a 117% spike from January’s $956 million, as the DappRadar data shows, despite a 31.46% decrease in sales count from 9.2 million to 6.3 million for the same period of time.
Ethereum Remains Top Blockchain By NFT Trading Volume
Ethereum (ETH) remained the top blockchain by NFT trading volume with $1.8 billion in trading volume which marks a 174% increase from the $659 million in January and represents 83.36% of the entire NFT market.. Solana (SOL) and Polygon (MATIC) followed ETH as second and third chain respectively with SOL facilitating $75 million being down 12 %from January’s number at $86million whereas MATIC marked a 147 % increase reaching$39million from previous month’s$16million .
Blur Tops Marketplaces In Terms Of Trading Volume
In terms of marketplaces Blur outdid OpenSea in February ,facilitating over$1 .3billionin trad ingvolume throughoutthemonthwhi leOpenSeacam esecondwith$587millionrepresenting 28 .7 %of wholemarket .X 2Y 2andLooksRarefollowed OpenSeas third and fourthrespectivelyrecording$39millionand$29m il lionintradingvolumerepresenting 1 .9 %and 1 .4%ofthewholemarketrespectively .
OpenSea Holds Most Significant Number Of Users
Even though difference intradingvolumespointstoBlurasbusiestNF TmarketplaceOpen SeastillholdsmostsignificantnumberofusersCurrentlyBlurhas96 856usersasopposedtoOpenSea s316 199TocatchupwithOpenSeaonthatfrontBluralsob elaunchedanimationcontestandprize poolincentivetorecruitmorecreatorsontotheplatform
Despite some decreasein salescount overallFebruarymarkeda117 %increaseintradingvolumereachingpre LUNAcrashlevelswithEthereumremainingtopblockchainbyN FTtrad ingvolumeat83 36%.Asformarketplaces BlurtriumphedoverOpenSeaintermsoftradingvolumefac ilitatingover$13billionthrought hemont hwhile OpenSeacame secondat28 7%.LastlyOpen Seaholdsmo stsignificantnumberofusersat316 199whereasB lurhas96 856usersonlywhichledtolaunchofananim ationcontestanda prizep oolincentivetorecruitmorecreatorsontotheplatform