The NFT market has seen a spike in activity over the past month, with most of the increased trading volume taking place in the NFT market Fade Fade +0.33% marketplace.
According to The Block’s Data Dashboard, there was $605 million in Ethereum-based NFT trading in November. 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 nearly $90 million, with nearly $70 million coming from transactions on the Blur NFT marketplace.
Shift from OpenSea
Since February this year, the NFT sector has witnessed a notable shift in market share from OpenSea to Blur, with the later market now dominating almost 80% of the total trading volume in the Ethereum-based NFT market. OpenSea, the once dominant NFT marketplace, has lost ground and currently only owns about 17% of the 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 in November and December. As of November 30, total trading volume on the Solana-based NFT markets reached $9.3 million, a high not seen since April this year. Most of this volume was on Tensor, with over $5 million in daily transactions.
Launched in October 2022, Blur is a no-fee NFT marketplace designed to meet the needs of professional NFT traders.
Disclaimer: Larry Cermak, CEO of The Block, is an angel investor in Blur.