The Rise of NFT Transactions in the Crypto Market - Latest cryptocurrency news

The Rise of NFT Transactions in the Crypto Market

Bitcoin‘s dominance in the cryptocurrency market has led to continued investments in the crypto industry. In this context, last month, the transaction volume on Blur, the most popular NFT marketplace in the Ethereum ecosystem, has seen a significant increase.

NFT transactions within the Ethereum ecosystem reached a volume of $605 million in November, representing an almost 100% increase compared to the monthly transaction volume of $306 million in October.

Technology & Populer Science News: Newslinker.co

In just the first four days of December, the NFT transaction volume for the month has already reached nearly $90 million, with approximately $70 million of it taking place on the popular NFT marketplace, Blur. Launched in October 2022, Blur is a commission-free NFT marketplace designed to meet the needs of professional NFT buyers.

Since February, the NFT market has witnessed a significant shift in market share from OpenSea to Blur, with the Blur marketplace now dominating almost 80% of the total NFT transaction volume within the Ethereum ecosystem.

Additionally, Solana-based NFT marketplaces have also experienced a significant increase in trading activities during November. On November 30th, the total transaction volume on Solana-based NFT marketplaces reached $9.3 million, the highest level since April, with a large portion of this volume taking place on Tensor, where daily trading volumes exceeded $5 million.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
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