• NFT trading volume increased to $2 billion in February, reaching its pre-LUNA crash levels.
• Ethereum (ETH) 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
February saw a dramatic increase in non-fungible token (NFT) market trade volume, which reached $2 billion for the first time since May 2022 according to DappRadar’s Industry Report. This marks a 117% spike from January’s figure of $956 million, and is indicative of a return to pre-LUNA crash levels.
Ethereum Dominates Trading Volume
Ethereum (ETH) recorded the highest trading volume of all blockchains with $1.8 billion traded in February – an impressive 174% increase from January’s figure of $659 million, representing 83.36% of the entire NFT market share. Solana (SOL) was second with $75 million traded and Polygon (MATIC) third with $39 million traded – despite SOL recording a 12% decrease from January’s figure of 86 million and MATIC recording a 147% increase from 16 million.
Blur vs OpenSea
Blur facilitated over 1.3 billion USD in NFT trading activity and represented 64.8% of total market share while OpenSea followed at 28.7%, accumulating 587 million USD worth of trades throughout the month; X2Y2 and LooksRare followed at 1.9% and 1.4%, respectively, accumulating 39 million USD and 29 million USD worth of trades respectively throughout the month as well.. Despite Blur having nearly double the amount of users than OpenSea at 96,856 compared to 316,199 respectively; OpenSea still hold sway as number one choice for users when it comes to NFTs due to ease of use on their platform .
Profit Chasers vs Art Lovers
The difference between Blur’s and OpenSea’s trading volumes points towards Blur being more active as far as profit chasing is concerned while OpenSea is arguably more popular amongst art lovers looking for an easy way out when it comes to buying or selling their digital artwork . With that being said , both platforms offer unique features which makes them attractive for different types buyers or sellers .