The non-fungible token (NFT) market has jumpstarted the 12 months with a powerful efficiency as gross sales and buying and selling quantity within the first quarter hit its highest degree since Q2 2022.
Based on knowledge from blockchain intelligence platform DappRadar, buying and selling quantity for crypto collectibles surged to $4.7 billion in Q1, marking a rise of 137% from the earlier quarter.
February was a very robust month as a result of NFT market Blur’s (BLUR) token airdrop, however as pleasure subsided, buying and selling quantity dropped by 15.65% in March. Gross sales rely additionally decreased 4.63% with 2.7 million NFTs offered final month.
The NFT sector ended Q1 on a excessive observe as gross sales rely hit 19.4 million through the interval, a rise of 8.56% from the final quarter of 2022.
“The NFT market has had a powerful begin of the 12 months with Q1 2023 being the most effective quarter since Q2 2022. Regardless of a slight lower in buying and selling quantity in March, the general efficiency has been bullish.”
Ethereum (ETH) retains its place as the highest blockchain for NFTs with $4.1 billion in buying and selling quantity in Q1. The main sensible contract platform is adopted by Solana (SOL) and Polygon (MATIC) with $242 million and $85 million, respectively.
Q1 additionally witnessed the rise of a brand new dominant participant within the area as Blur takes over the place of long-time main NFT market OpenSea. Within the first quarter, Blur recorded buying and selling quantity of $2.7 billion and a market dominance of 57.44%. In the meantime, OpenSea recorded a buying and selling quantity of $1.4 billion and a market dominance of 31.10%.
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