Non-Fungible Token (NFT) market trades $2 billion in crypto

In February, the Non-Fungible Token (or NFT) market recorded $2 billion in crypto trading volume. This is a 117% increase over the previous month.

Non-Fungible Token volume surges to $2 billion in crypto

In DappRadar‘s report for February, it appears that the NFT market experienced a surge in trading volume, touching $2 billion for the first time since May 2022.

This result represents a 117% increase over the previous month, despite the fact that the number of sales decreased by 31.46%. And indeed, the number of total NFT sales for February was 6.3 million.

Dominating the scene in terms of blockchain is Ethereum, with $1.6 billion in NFT trading volume, and that is 83.36% of the entire NFT market.

Yet, Polygon also seems to have had a significant increase this February. And in fact, it stands at +147%, reaching a $39 million NFT trading volume this month.

Among other blockchains that have been active participants in the overall growth of the industry there is Immutable X which focuses heavily on gaming and saw its trading volume increase by 71% to $24.4 million.

BNB Chain also experienced similar growth and recorded NFT trading volume of $7 million.

The Non-Fungible Token market and the best-performing platform Blur

Apparently, among the NFT platforms that contributed to the growth of the Non-Fungible Token market in February was Blur.

And indeed, Blur emerged as the top-performing and dominant marketplace with $1.3 billion in trading volume, accounting for 64.8% of the entire NFT market trading volume.

In contrast, Opensea, the main competitor, lagged behind with $587 million, equivalent to 28.7% of the market.

Certainly despite Blur’s impressive trading volume, it is worth noting that OpenSea still has a much larger user base, with over 316,199 traders compared to Blur’s 96,856.

We just released our February industry report!

It reveals that @opensea still holds the top spot for most traders among NFT marketplaces, with 317K unique traders in February, despite @blur_io's dominance in trading volume and market share.

Dig deeper👉 https://t.co/KDlRVn8yTV pic.twitter.com/3TdslUiAQ5

— DappRadar (@DappRadar) March 2, 2023

This means that users are appreciating the unique trading patterns offered by Blur compared to other marketplaces. According to the report, Blur’s trading activity is largely driven by NFT whales farming on the platform.

Not only that, Blur has focused on royalty payment options, now offering a minimum royalty rate of 0.5%. In addition, it has implemented measures to limit NFT sales in secondary markets that do not honor royalties.

In this way, Blur hopes to become more attractive to NFT creators and increase its market share.

In general, other NFT marketplaces such as X2Y2 and LooksRare do not appear to have experienced large increases during February. Rather, the report states that they “lagged far behind,” with trading volumes of $39 million and $29 million, respectively.

Yuga Labs’ collections dominate the NFT scene

BAYC, MAYC, BAKC, Otherdeeds, and Sewer Pass are the 5 collections of Yuga Labs that are dominating the NFT scene, accounting for 30% of the entire NFT trading volume on Ethereum, which is $1.6 billion. Not only that, the 5 collections rank in the top 10 in terms of total trading volume.

Regarding February, the report states that six of the top 10 NFT sales for the month were CryptoPunks, which together made $5.3 million. Yuga Labs purchased the rights to this collection as well.

Whereas the biggest NFT sale of the month was the Golden Key Sewer Pass, sold by professional player Mongraal for a whopping 1,000 ETH.

But the news does not end there. During the month of February, Yuga Labs launched its first NFT project on Bitcoin: TwelveFold. It is a collection of 300 Non-Fungible Token Generative Art Ordinals. 

The TwelveFold project was launched in February, but the auction went live between yesterday and today, so it will be part of the March NFT report.

The auction for TwelveFold has begun and will conclude on the block immediately prior to 3pm PT tomorrow, March 6th, 2023. Good luck.https://t.co/gvl8IHpekC pic.twitter.com/xGWU9jdCoO

— Yuga Labs (@yugalabs) March 5, 2023