According to data from CryptoSlam, the Ethereum (ETH) network has witnessed a notable upsurge in monthly Non-Fungible Token (NFT) sales, exceeding $430 million and marking its highest level in the past ten months. Over the span of the last 23 days, NFT sales volume on the Proof-of-Stake network surged to $433 million, indicating a 22% increase compared to January’s recorded figure of $355 million.
What Does CryptoSlam Data Indicate?
CryptoSlam reports that the monthly NFT sales volume on the Ethereum network surpassed $400 million for the first time since April 2023. This month’s sales volume involved a total of 677,456 transactions completed between 98,000 unique sellers and 118,371 unique buyers.
Remarkably, despite a 27% decrease in the total number of NFT transactions recorded in the last 23 days compared to January’s total of 929,155 transactions, February’s on-chain data has already shown a double-digit increase in sales volume over January’s figures. This suggests a significant surge in the average value per transaction or an increase in high-value transactions within the NFT space on the Ethereum network.
Is Blur Dominating the Market?
Positive developments have been observed on the Blur (BLUR) front, with the highest trading activity among all NFT marketplaces occurring here in the last 30 days. According to data from DappRadar, despite experiencing a double-digit drop last month, the NFT marketplace has maintained its leadership position.
Analysis revealed a 21% decrease in the platform’s trade volume over the last 30 days, amounting to $601 million. This decline occurred despite a 6% growth in the number of NFT transactions and a 14% increase in the number of traders utilizing the protocol, prompting questions about the underlying factors influencing these trends.
During the same period, the OpenSea marketplace, which made a significant impact during the previous bull run, saw a 5% increase in trade volume. However, its sales volume remained 83% behind Blur’s. According to DappRadar data, OpenSea’s NFT sales volume last month reached the $105 million mark.
Current Situation on Ethereum
Amidst these developments, attention was also drawn to the price of Ethereum (ETH), which was trading around the $3000 level at the time of writing. The overall market capitalization stood above the $350 billion mark, reflecting a rise of over 1%.
Conversely, investors raised questions about the 24-hour trading volume, which experienced a 16% decrease in the volume of transactions during this period, totaling $10.8 billion.
Warning
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.
