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

Uphold Premiers OTC Trading and Research Solutions for Digital Assets

Yesterday at the 2023 Crypto Valley ConferenceToday, the influential...

Nike and EA Sports to Fuse Fashion and Gaming

Nike Virtual Studios, the sportswear behemoth's digital arm, and...

FEWOCiOUS Teases ‘FeWoS’ NFT Drop of Intriguing Species

Renowned NFT artist FEWOCiOUS just pulled the curtain back...

Japenese Airline ANA Takes Flight with New Blockchain-Based NFT Marketplace

All Nippon Airways (ANA), Japan’s premier airline, is bringing...

Prada Continues to Pioneer Web3 with 42nd Timecapsule NFT Drop

Delving deeper into the realm of Web3 technologies, Prada...

Bitcoin Miladys NFTs Establish an Ethereum-Bitcoin Bridge

Bitcoin Miladys NFTs — a recent non-fungible token project specializing in creating...

Related Posts

Everything About Starbucks NFT Reward Program ‘Starbucks Odyssey’

A Starbucks NFT will reward customers with a trip...

Everything You Need to Know About Bitcoin Ordinal NFTs

Bitcoin Ordinal NFTs are experiencing a significant surge in...

The Ultimate Guide to NFT for Dummies [2022 Guide]

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

Ordinals Enable Creation of ‘BRC-20’ Meme Tokens on Bitcoin

Enthusiasm for Bitcoin NFTs intensifies as one individual discovers a way...

Top 10 NFT Marketplaces to Look Out For and Why

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

BlockDown Festival’s Voyage from Virtual to Real-World Antics

BlockDown Festival has evolved from a virtual conference to...