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NFT market has hit $4.7B in sales in Q1


The cryptocurrency market as a whole is getting better, which seems to be helping the NFT market.

The landscape of non-fungible tokens has changed quickly due to the arrival of new players and changes in how things work. Even though the first three months of 2023 were busy, NFTs did well.

Review of the Q1 2023 NFT Market

A report from DappRadar says that the NFT market has had a good start to the year. The first quarter of 2023 was the most successful quarter since the second quarter of 2022. Because the market was choppy in March, NFT trading volume went down by 15.65%, but overall performance was still good. Let’s look at how the NFT market did in the first quarter in more detail.

For the first quarter, the total amount of trade went up by 137%, to $4.7 billion. In February, the time for “farming” Blur tokens added to the total, but the number of NFTs sold in March, which was 2.7 million, only went down by 4.63 percent.

When you look at the big picture, NFT sales in the first quarter of 2023 were 19.4 million, which was an increase of 8.56 percent from the last quarter of 2022.

In terms of volume, Ethereum continues to be the leader in the NFT industry. In March, it held about 90% of the market. In Q1 2023, its quarterly trading volume was $4.1 billion, which was more than 245% more than in Q4 2022.

Solana is in last place, with a trading volume of $242 million. Over the last quarter, the layer 1 blockchain grew by 4.55%.

Even though trading volume was down 24.20% from the previous month, Polygon had a great start to the year. In March, more than $29 million was traded. In Q1 2023, the trade volume for a layer 2 scaling solution was $85 million. This was up 125.04% from the previous quarter, making it one of the best three-month periods since Q4 2021.

Blur vs. OpenSea

OpenSea has held the top spot in the NFT market for a very long time. But Blur’s rise to fame caused a public fight with the market leader who had been unchallenged until then. According to the report, Blur dominated the NFT market in the first quarter of the year with a market share of over 57% and a trading volume of $2.7 billion, which is a shocking increase of 783.89% from Q4 2022.

Even though Blur’s trading volume fell by 6.56 percent to $1.2 billion, the platform still had more than 70% of the market.

Due to tough competition from Blue, OpenSea’s market share dropped to 22% in March, the lowest level since February 2021. With a $1.4 billion trading volume during the first quarter of 2023, the market saw a growth of 68.41%. It had a 31.10% market share advantage for the quarter.

About MahKa

MahKa loves exploring the decentralized world. She writes about NFTs, the metaverse, Web3 and similar topics.

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