NFT Sales Soar to $2B in Feb—Blur’s a Significant Driver

Share This Post

According to data by DappRadar, non-fungible token (NFT) sales volumes soared in February to highs not seen since the Terra crash last Spring.

Quick Take:

  • Last month, NFT sales volumes surged to the highest levels since the crypto collapse last Spring.
  • Emerging NFT marketplace Blur is responsible for most of the recent rise in the NFT market due to its customer loyalty incentives and high-value NFT trading.
  • However, there are concerns about market manipulation and wash trading in the NFT market, with some attributing Blur’s popularity to such practices.
NFT Trading Volume and Sales Count by DappRadar

Top Causes of Last Month’s NFT Rise

Last month, trading in the NFT market exceeded $2.04B, showcasing a 117% increase from January’s $941M. Thus, making February the most successful month for NFTs since Terra’s downfall last May, causing the crypto collapse.

Despite OpenSea modifying its creator royalties, this recent rise boils down to one controversial source – Blur. The emerging NFT marketplace continues surpassing OpenSea in trading volume. One of the main reasons includes offering customer loyalty incentives — trading many high-value NFTs as a result.

Blur’s trading volume reached $1.13B last month, accounting for almost the entire NFT market’s month-over-month gains. Although, a small number of NFT Whales are also to blame for the significant volume, flipping NFTs back and forth to accumulate BLUR tokens.

Of course, such movements have caused controversy, with Cryptosmack, among others, saying Blur’s popularity stems from “market manipulation”.

Another issue includes Wash Trading. Traders are selling NFTs back and forth on Blur — sending them to their wallets at inflated prices to inflate the market value of such digital assets.

Nevertheless, despite Blur’s popularity, it’s not all bad news for OpenSea. The marketplace continues to chug along, thanks to the popularity of Bored Ape Yacht Club’s Dookey Dash game.

The sales of blue-chip digital collectibles also play a significant part in the secondary marketplace‘s success.

Subscribe to the NFT Lately newsletter to receive news covering the latest NFT-related drops, releases, reviews, and more.


Related Posts

Void 2122 to Unlock a New Era of Combat Card Gaming with NFTs

The pioneering force in the Web3 landscape, Void 2122,...

Magic Eden Adopts Solana’s Compressed NFTs

Magin Eden, the distinguished NFT marketplace, recently announced its... Returns With Surging NFT Trading Volumes, the decentralized social media app, has shown an...

CoinMarketCap and HELLO Labs to Premiere TV Series, Killer Whales

An official trailer for the Web3 television series 'Killer...

Machi Proposes 11M $APE Sends NFTs to Museums Worldwide

An intriguing week-long vote surrounding OG NFTs kick-started today! Machi Big Brother,...

Related Posts

Top 10 NFT Marketplaces to Look Out For and Why

How numerous NFT marketplaces make hunting for digital collectibles...

Milady Maker NFT Review – A Virtual World of Minecraft

Milady Maker opens up the virtual world of Minecraft Milady...

DeGods [ 2022 NFT Collection Review]

According to its description on OpenSea, DeGods is “a...

The Ultimate Guide to NFT for Dummies [2022 Guide]

NFTs are collectible items that can represent digital content,...

ROLA: The World’s First Community-Run AI NFT Ecosystem 

ROLA: The world’s first community-run Web3 platform offering Predict-to-Earn AI... Returns With Surging NFT Trading Volumes, the decentralized social media app, has shown an...