BlockchainEthereum (ETH)NewsNFTOn-chain Data / Analysis

NFT Sales Raise to Over $2B in February, Highest Since Terra Collapse

According to data from DappRadar, NFT sales volume surged last month to highs not reached since crypto winter began in May 2022 due to Terra’s implosion. Total trading volume was $2.03 billion in February, up 115% from $940 million posted in January.

However, this surge appears to be fueled entirely by a single source: Blur. The fast-rising marketplace ascended to dominance after surpassing OpenSea in terms of trading volume last month.

Blur recently airdropped tokens to loyal users who refrained from trading on other platforms and those who traded as many valuable NFTs as possible.

Blur’s trading volume rose to $1.14 billion last month. But a significant percentage of that volume was generated by a few whales flipping their NFT holdings back and forth to increase their chances of being airdropped more BLUR tokens.

Is Blur Trading Volume Legit?

Whether or not to consider Blur’s trading volume legitimate is a question that’s currently dominating the NFT space. Last week, a top platform for tracking NFT sales, CryptoSlam, announced that it would remove $570 million in Blur trades from its data, citing ‘market manipulation’.

📰 Also read:  WPAY Explained - All You Need to Know About the Wirex Pay's Native Token

On the other hand, DappRadar, another leading DeFi and NFT tracking platform, has decided to consider Blur’s trades as legitimate. The firm’s Head of Research, Pedro Herrera, said they would not flag Blur sales as wash trades.

If the controversial activity on Blur’s platform were to be considered wash trading, February’s total trading volume would look almost similar to that recorded in January.

Opensea Continues to Hold Steady

Meanwhile, despite the rising competition from Blur, OpenSea also saw a massive increase in its monthly trading volume last month. The marketplace posted $586.45 million in trades, representing a 21% increase from the previous month. In addition, OpenSea has about 315,000 traders, 220,000 more than those trading on Blur.

OpenSea’s steadiness appears to be driven by the hype around the Dookey Dash game rolled out by Yuga Labs, the creator behind the popular Bored Ape Yacht Club NFT collection. The game requires a Mutant Ape or Bored Ape NFT to play, thus boosting the trading volumes of these collections.

📰 Also read:  Report: 'Bitcoin' Google Search Volume Declines, While 'Meme Coin' Increases

Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.

📰 Also read:  Price Analysis October 15th, 2024 - BTC, BNB, SOL, ETH, and XRP

Andrew Richard

Andrew is a news writer for Tokenhell, he enjoys tuning in to the daily crypto markets and writing about the latest updates and happenings.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close
Skip to content