Blur dominates almost 80% of NFT trading volume as market activity spikes

The NFT market has seen a spike in activity over the past month, with the majority of the increased trading volume occurring on the Blur BLUR
-4.08%
marketplace.

According to The Block’s Data Dashboard, November saw $605 million in Ethereum-based NFT trading. That’s up from a monthly trading volume of $306 million in October, an increase of almost 100%. 

Just four days into December, NFT trading volume for the month has already reached almost $90 million, with nearly $70 million coming from transactions on the Blur NFT marketplace.

Shift from OpenSea

Since February of this year, the NFT sector has witnessed a notable market share shift from OpenSea to Blur, with the later marketplace now dominating almost 80% of total trading volume in the Ethereum-based NFT market. OpenSea, the NFT marketplace that was once dominant, has been ceding ground and currently holds around only 17% of NFT trading volume.

According to The Block’s Data Dashboard, there has also been an uptick in trading on Solana-based NFT marketplaces, with daily volumes rising throughout November and into December. On Nov. 30, total trading volume across Solana-based NFT markets stood at $9.3 million, a high not seen since April of this year. The majority of this volume was on Tensor, with over $5 million in daily trades.

Blur, launched in October 2022, is a zero-fee NFT marketplace designed to cater to the needs of professional NFT traders.

Disclaimer: Larry Cermak, CEO of The Block, is an angel investor in Blur.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.