Recent data from CryptoSlam has unveiled a significant rise in sales volume of Non-Fungible Tokens (NFTs) on the Ethereum network, reaching a peak unseen in the previous ten months. The platform registered over $430 million in transactions within a span of 23 days, marking a 22% jump from January’s $355 million. This upward trend in NFT sales is a notable development in the network’s performance.
Ethereum’s NFT Sales Scale New Heights
The Ethereum network’s surge in sales is backed by 677,456 transactions facilitated by nearly 98,000 sellers and over 118,000 buyers. Despite the increase in sales, the total number of transactions observed a decline by 27% compared to January. However, the sales volume for the remaining five days of February is expected to extend the lead over the previous month significantly.
Blur Outperforms Other Marketplaces
In the competitive landscape of NFT marketplaces, Blur has emerged as the frontrunner with the highest trade activity in the last month. Although the platform experienced a 21% decline in trade volume, garnering $601 million, it saw a rise in the number of transactions and traders by 6% and 14%, respectively. OpenSea, once a dominant player, reported only a modest 5% bump in trade volume, trailing behind Blur by a considerable margin.
The NFT market dynamics are unfolding alongside Ethereum’s price movements, with ETH hovering around the $3000 mark and a market capitalization surpassing $350 billion. Despite this progress, the network’s 24-hour trading volume has dipped by 16%, posing concerns for investors over the $10.8 billion figure.