Ethereum-Based NFT Trading Volume Surges in November
In November, the trading volume of Ethereum-based non-fungible tokens (NFTs) reached $605 million, according to The Block’s Data Dashboard. This represents a significant increase from October’s trading volume of $306 million, indicating a nearly 100% growth.
December NFT Trading Volume Approaching $90 Million
Just four days into December, the NFT trading volume has already reached almost $90 million. Transactions on the Blur NFT marketplace accounted for nearly $70 million of this volume.
Market Share Shift: Blur Dominates Ethereum NFT Market
Since February, there has been a significant shift in market share from OpenSea to Blur in the NFT sector. Blur now dominates almost 80% of the total trading volume in the Ethereum-based NFT market. OpenSea, once dominant, now holds only around 17% of the trading volume.
Solana-Based NFT Trading Volume on the Rise
The Block’s Data Dashboard also shows an increase in trading on Solana-based NFT marketplaces. Daily volumes have been rising throughout November and into December. On November 30th, total trading volume across Solana-based NFT markets reached $9.3 million, the highest since April.
Introduction of Blur: Zero-Fee NFT Marketplace
Launched in October 2022, Blur is a zero-fee NFT marketplace designed specifically for professional NFT traders.
About the Author
Brian McGleenon is a UK-based markets reporter for The Block. He has extensive experience as a financial journalist and producer for various news outlets. In addition to his interest in web3 and cryptocurrency developments, he is also passionate about geopolitics, environmental issues, artificial intelligence, and longevity research.
Hot Take: Ethereum-Based NFT Trading Surges with Blur Dominating the Market
The Ethereum-based non-fungible token (NFT) market experienced significant growth in November, with trading volume reaching $605 million. This represents a nearly 100% increase from the previous month. Furthermore, the market share has shifted from OpenSea to Blur, with Blur now dominating almost 80% of the Ethereum-based NFT market. OpenSea’s market share has decreased to only around 17%. Solana-based NFT marketplaces have also seen an uptick in trading volume, with daily volumes reaching their highest point since April. Overall, the NFT market continues to evolve and expand, with new platforms like Blur catering to the needs of professional traders.
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