• NFT trading volume returned to pre-LUNA crash levels in February, reaching US$2 billion for the first time since May 2022.
• Ethereum (ETH) remained the top blockchain by NFT trading volume, representing 83.36% of the entire market.
• Blur triumphed over OpenSea in terms of trading volume, facilitating over US$1.3 billion while OpenSea accounted for 28.7%.
NFT Trading Volume Returns to Pre-LUNA Crash Levels
Overall Market Performance
The NFT trading volume recorded a 117% spike from January’s $956 million, reaching $2 billion for the first time since May 2022. Despite this significant surge, the sales count recorded a 31.46% decrease, falling to 6.3 million from January’s 9.2 million.
Top Blockchains by NFT Trading Volume
Ethereum (ETH) remained the top blockchain by NFT trading volume with $1.8 billion in total, representing 83.36% of the entire market share. Solana (SOL) and Polygon (MATIC) followed ETH as second and third respectively with $75 million and $39 million in trading volumes respectively; though SOL still recorded a 12% decrease from January’s figure while MATIC marked a 147% increase during this period..
Blur Versus OpenSea
In February, Blur triumphed over OpenSea in terms of trading volume by facilitating over $1.3 billion compared to OpenSea’s 587 million; accounting for 64.8% and 28.7% respectively of the whole NFT market trading volume . X2Y2 and LooksRare followed OpenSea as third and fourth with $39 million and $29 million each; representing 1.9% and 1.4%, respectively .
User Base Comparison
Despite Blur’s higher performance when it comes to trading volumes, OpenSea currently holds more users at 316199 compared to Blur’s 96856 users; indicating that profit chasers may not be dominating art lovers on this platform just yet .
February saw an impressive surge in overall NFT market performance with ETH remaining its main driving force behind it all while Blur overtook OpenSea when it comes to total traded values despite having fewer users than its competitor; ultimately showing that there is still potential growth available within this sector which could be further explored by both investors and artists alike .