- 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 development 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.
Based on the report, NFT gross sales quantity in February climbed to a excessive of $2 billion for the primary time since Could 2022. DappRadar famous that the expansion was primarily pushed by Blur [BLUR], a preferred NFT challenge 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 price $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 stage because the yr 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 leap within the sale of Polygon-minted NFTs on OpenSea was due partly to the rise within the variety of merchants. The depend of energetic month-to-month merchants spiked to the very best stage since September 2021, culminating within the spectacular development of gross sales quantity. Based on Dune Analytics, the variety of month-to-month energetic customers that traded Polygon-minted NFTs on OpenSea was 226,880.
Supply: Dune Analytics
Conversely, OpenSea Ethereum registered a drop within the depend of energetic 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 offered. 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 offered 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 on account of elevated consumer exercise on Blur, Glassnode, in a lately printed report, stated:
“The current consideration surrounding Blur has led to a surge in demand for blockspace, leading to elevated charges for validators, and extra ETH being burnt by way of EIP1559.”
Nonetheless, the report additionally noticed:
“Whereas there was an enlargement in whole on-chain exercise and development, the variety of new addresses continues to be 40% decrease than this time final yr, and the month-to-month common stays under the yearly, signaling destructive momentum.”
