Non-fungible token (NFT) trading grew exponentially during February. According to analytics firm DappRadar, NFT trading reached $2 billion during the second month of the year and was 117% higher than January despite having three fewer days.
Non-fungible token (NFT) trading grew exponentially during February. According to analytics firm DappRadar, NFT trading reached 2 billion dollars during the second month of the year and surpassed by 117% January despite having three days less.
The report suggests that much of the increase in is due to launch of Blur, the new NFT marketplace who was born to quickly become the rival direct from OpenSea, the largest NFT platform in the ecosystem. Large investors within the platform have positioned it as the new industry leader.
According to the detail of the February numbers, Blur dominated 64.8% of all NFT market trading volume, at $1.3 billion in February. OpenSea was relegated to second place with 587 million dollars and 28.7% of the market.
“Despite Blur’s impressive transaction volume, it’s worth noting that OpenSea still has a much larger user base, with over 316,199 merchants compared to Blur’s 96,856. This confirms that business patterns in Blur they are largely driven by NFT whale breeding on the platform rather than typical trading activity,” the DappRadar report reads.
Regarding the main blockchain of the NFT market, Ethereum continues to lead, dominating 83.36% of the market, which represents a volume of operations of US$1.600 million. “Blockchain’s superiority has been consistent with previous months,” the analysts added.
Finally, the February analysis confirmed that Yuga Labs keep the dominance of NFT trading volume. His most traded NFT collection in February was Mutant Ape Yacht Club (MAYC) with 157 million dollars, followed by Otherdeed for Otherside and Bored Ape Yacht Club (BAYC), who completed the podium with 137 and 122 million, respectively.