• NFT trading volume increased to $2 billion in February, reaching its pre-LUNA crash levels.
• Ethereum (ETH) was the top blockchain by NFT trading volume with $1.8 billion.
• Blur triumphed over OpenSea in terms of trading volume, accounting for 64.8% of the whole NFT market’s trading volume.
NFT Trading Volume Reaches Pre-LUNA Crash Levels
February saw a significant increase in non-fungible token (NFT) market trading volume, as it rose to $2 billion—the highest level since May 2022 and a 117% rise from January’s $956 million.
Top Blockchains by NFT Trading Volume
Ethereum (ETH) remained the top chain for NFTs, recording $1.8 billion in trading volume—a 174% increase from January’s $659 million and representing 83.36% of the entire NFT market. Solana (SOL) and Polygon (MATIC) followed ETH as second and third chains respectively, with SOL recording a 12% decrease from January’s $86 million to February’s $75 million and MATIC registering a 147% increase from January’s $16 million to February’s $39 million.
Blur vs OpenSea
In terms of trading volumes, Blur came out on top with over $1.3 billion facilitated throughout the month—representing 64.8% of the whole NFT market—while OpenSea came second at 28.7%, with only $587 million recorded in February. X2Y2 and LooksRare followed OpenSea as third and fourth respectively, with both chains recording 1.9% ($39 million) and 1.4% ($29 million).
Despite having lower overall trading volumes, OpenSea holds the greatest number of users at 316,199 compared to Blur’s 96 856 users looking to acquire digital assets or content within their respective ecosystems; however, this could change soon as Blur has been actively working on increasing their user base via promotional activities such as giveaways or discounts on collectibles or digital artworks offered through their platform.
The rise in non-fungible token (NFT) market trading volumes is indicative of an increasingly popular form of digital asset ownership that continues to attract more people into participating within its decentralized economy; however further research needs to be conducted into understanding what factors contribute towards driving these numbers up or down over time so that investors can make better informed decisions when purchasing virtual items or content for their own portfolios