The NFT marketplace battle doubles Q1 trading volume
The NFT market trading volume increased by 137%, reaching $4.7 billion in the first quarter of 2023. The cryptocurrency industry continues to show durability and resilience. Therefore the overview is still bullish.
OpenSea loses dominance in the NFT market
According to a DappRadar analysis, the NFT market showed an improvement when the year started. Q1 2023 proved to be the most successful quarter since Q2 2022. Due to volatile market circumstances, NFT trading volume recorded a minor dip of 15.65% in March. However, the overall performance remained positive.
The trade volume for the first quarter increased by 137% to $4.7 billion. The Blur token farming period increased the total in February. The March’s NFT sales count, which came in at 2.7 million, decreased by 4.63%.
OpenSea didn’t dominate the NFT market in the first quarter. That was the lowest percentage they have recorded since February 2021.
In Q1 2023, $373 million in funds were lost due to hacks and exploits, a remarkable decrease of 92.60% from the $5 billion lost in the preceding quarter.
In the first quarter of 2023, NFT sales were 19.4 million. This was an 8.56% increase from the previous quarter of 2022.
DappRadar also stated that Ethereum continues to dominate the NFT industry in volume. It held approximately 90% of the market in March. Compared to Q4 2022, Etherium’s quarterly trading volume increased by more than 245%, reaching $4.1 billion in Q1 2023.
OpenSea vs. Blur
The world’s Dapp store also stated that the NFT market is changing quickly due to the entry of the new marketplace, Blur. The Ethereum-based marketplace had significant growth in trading volume and market dominance in Q1 2023.
This contributed to its dominance in the NFT sector, dethroning OpenSea. The market achieved a $2.7 billion trading volume. This marked a 783.89% increase from Q4 2022 and a market dominance of 57.44%.
Blur also held a market share of 70.5% in March despite a decline in trading volume of 6.56% to $1.2 billion.
Blur’s ascent to prominence can be credited to its distinctive qualities and products. The marketplace assured its users that it would reward them with a future Airdrop of the BLUR token.
This is one of the most significant reasons professional traders flock to the platform. The token’s market cap is $2.5 billion when all dilution is considered. The Blur team is eager to use its financial might to persuade NFT traders to stick with them.