- The NFT market noticed elevated gross sales quantity in February.
- OpenSea Polygon recorded an all-time excessive in month-to-month gross sales quantity.
The Non-Fungible Token [NFT] market continued to point out vigorous progress and attracted a wider vary of collectors. The ecosystem noticed a considerable improve in buying and selling quantity in February, a brand new report from DappRadar revealed.
In line with the report, NFT gross sales quantity in February climbed to a excessive of $2 billion for the primary time since Might 2022. DappRadar famous that the expansion was primarily pushed by Blur [BLUR], a well-liked NFT undertaking that noticed $1.2 billion in buying and selling quantity alone, representing a 117% improve in buying and selling quantity from the earlier month.
Supply: DappRadar
Polygon logs a milestone
Whereas Ethereum [ETH] maintained its dominance within the NFT market with a complete gross sales quantity of $1.6 billion in February, DappRadar discovered that buying and selling quantity on Polygon [MATIC] grew by a whopping 147% throughout the 28-day interval.
Information from Dune Analytics revealed that collectors on OpenSea traded Polygon-based NFTs value $109 million in February, inflicting the month-to-month gross sales quantity to rally to an all-time excessive.
Supply: Dune Analytics
Evaluating February’s largest NFT platforms
Gross sales quantity for Ethereum-based NFTs additionally jumped to the very best degree for the reason that 12 months started. Per Dune Analytics, the month-to-month gross sales quantity totaled $647 million, a forty five% rally from the $446 million recorded in January.
Supply: Dune Analytics
The bounce within the sale of Polygon-minted NFTs on OpenSea was due partly to the rise within the variety of merchants. The depend of lively month-to-month merchants spiked to the very best degree since September 2021, culminating within the spectacular progress of gross sales quantity. In line with Dune Analytics, the variety of month-to-month lively customers that traded Polygon-minted NFTs on OpenSea was 226,880.
Supply: Dune Analytics
Conversely, OpenSea Ethereum registered a drop within the depend of lively month-to-month merchants in February, which dropped by 5% throughout this era.
One other level of disparity between Polygon-based NFTs and Ethereum-based NFTs on OpenSea in February was the depend of NFTs bought. Information from Dune Analytics confirmed that OpenSea Polygon NFTs noticed its month-to-month gross sales depend improve by 15%. Nonetheless, the variety of Ethereum-based NFTs bought on OpenSea declined by 28% throughout the identical window interval.
Supply: Dune Analytics
Whereas Ethereum retained its 83.36% dominance over the market in February partly attributable to elevated person exercise on Blur, Glassnode, in a just lately printed report, stated:
“The latest consideration surrounding Blur has led to a surge in demand for blockspace, leading to elevated charges for validators, and extra ETH being burnt through EIP1559.”
Nonetheless, the report additionally noticed:
“Whereas there was an enlargement in complete on-chain exercise and progress, the variety of new addresses continues to be 40% decrease than this time final 12 months, and the month-to-month common stays beneath the yearly, signaling unfavourable momentum.”
