NFT Trading Volume Surges to $605 Million in November
The NFT market has experienced a surge in trading activity over the past month, with the majority of the increased volume occurring on the Blur marketplace. According to The Block’s Data Dashboard, November saw a staggering $605 million in Ethereum-based NFT trading, reflecting a significant uptick from the $306 million traded in October.
The Rise of Blur Marketplace
Even more remarkably, just four days into December, NFT trading volume has already reached nearly $90 million, with almost $70 million of that coming from transactions on the Blur NFT marketplace. This data demonstrates a clear trend towards increased NFT trading and investment.
Shift from OpenSea
Since February of this year, the NFT sector has witnessed a notable market share shift from OpenSea to Blur, with the latter now dominating almost 80% of total trading volume in the Ethereum-based NFT market. In contrast, OpenSea, once the dominant player, has seen its market share dwindle to around 17% of NFT trading volume.
Solana-Based NFT Markets on the Rise
Furthermore, there has been a marked uptick in trading on Solana-based NFT marketplaces, with daily volumes increasing throughout November and into December. On November 30th, the total trading volume across Solana-based NFT markets reached an impressive $9.3 million, a level not seen since April of this year. The majority of this volume was on Tensor, with over $5 million in daily trades.
Blur: A Zero-Fee NFT Marketplace
Launched in October 2022, Blur is a zero-fee NFT marketplace specifically designed to cater to the needs of professional NFT traders. This platform’s rapid rise to prominence reflects the evolving landscape of NFT trading and the shifting preferences of traders and investors.
It is important to note that Larry Cermak, CEO of The Block, is an angel investor in Blur, which could potentially influence the platform’s growth and popularity in the NFT market.
In conclusion, the NFT market has experienced a significant surge in trading volume, with the Blur marketplace emerging as a dominant player in the Ethereum-based NFT market. Additionally, Solana-based NFT markets have seen increased trading activity, indicating a broader trend towards diversification in the NFT space. As the NFT market continues to evolve, it will be crucial to monitor these developments and their potential impact on the broader cryptocurrency and digital asset markets.
I have over 10 years of experience in the field of cryptocurrency and blockchain technology. I have attended numerous conferences and events around the world, and my work has been featured in major publications such as CoinDesk, Bitcoin Magazine, and Yahoo Finance.
