Blur dominates almost 80% of NFT trading volume as market activity spikes
The NFT market has seen a spike in exercise over the previous month, with the vast majority of the elevated buying and selling quantity occurring on the Blur BLUR +0.33% market.
In line with The Block’s Information Dashboard, November noticed $605 million in Ethereum-based NFT buying and selling. That is up from a month-to-month buying and selling quantity of $306 million in October, a rise of virtually 100%.
Simply 4 days into December, NFT buying and selling quantity for the month has already reached nearly $90 million, with practically $70 million coming from transactions on the Blur NFT market.
Shift from OpenSea
Since February of this yr, the NFT sector has witnessed a notable market share shift from OpenSea to Blur, with the later market now dominating nearly 80% of complete buying and selling quantity within the Ethereum-based NFT market. OpenSea, the NFT market that was as soon as dominant, has been ceding floor and presently holds round solely 17% of NFT buying and selling quantity.
In line with The Block’s Information Dashboard, there has additionally been an uptick in buying and selling on Solana-based NFT marketplaces, with day by day volumes rising all through November and into December. On Nov. 30, complete buying and selling quantity throughout Solana-based NFT markets stood at $9.3 million, a excessive not seen since April of this yr. The vast majority of this quantity was on Tensor, with over $5 million in day by day trades.
Blur, launched in October 2022, is a zero-fee NFT market designed to cater to the wants {of professional} NFT merchants.
Disclaimer: Larry Cermak, CEO of The Block, is an angel investor in Blur.
