As Bitcoin falls for the fourth day in a row, non-fungible tokens (NFTs), once thought to be dead, have surprisingly had their best quarter since early 2023.
Non-fungible tokens (NFTs) witnessed their best quarter in the second quarter, as the digital collectibles sector saw a 28% increase in sales, reaching levels last seen in the first quarter of 2023. In a recent research report, DappRadar analysts revealed that NFTs registered $4. billion in trading volume in the second quarter, an increase of 3.7% compared to the fourth quarter of 2023.
According to DappRadar blockchain analyst Sara Gherghelas, Blur remains the dominant force with a 31% market dominance, although the platform has lost 50% of its dominance since the last quarter.
“Blockchain gaming continues to dominate the dapp industry, although its share is down slightly by 2% from last quarter, similar to the DeFi sector. In contrast, the NFT and social sectors have both increased their market dominance and emerged as the leading trends of the second quarter of 2024.”
Sara Gherghelas
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Magic Eden follows in second place, experiencing success with Ordinals – non-fungible tokens built on the Bitcoin network – increasing its dominance from 17% to 22%. OpenSea ranks third in terms of dominance, although Gherghelas notes that the market “leads as the most dominant NFT market by revenue with a 12% market share.”
While it’s unclear what drove the momentum in trading volume among NFT speculators, DappRadar says the positive momentum in the web3 industry “remains strong,” adding that investors are still showing continued enthusiasm and potential for further progress.
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