NFT Market Trading Volume Surges by 117% to $2,000,000,000 in February: DappRadar

The non-fungible token (NFT) markets are continuing a bullish trend seen in the last two months with trading volume hitting a new high for the first time in nearly a year.

According to market intelligence platform DappRadar, the trading volume for the crypto sub-sector surged to $2 billion in February.

The number represents a 117% increase from January, which saw $946 million in trading volume. DappRadar says February’s trading volume hasn’t been seen since the Terra (LUNA) crash of May 2022.

“The NFT market has continued to exhibit bullish on-chain metrics seen in January throughout the month of February. The total NFT trading volume reached an impressive $2 billion, which is a value not seen since before the Luna crash.”

Leading smart contract platform Ethereum (ETH) retained its position as the most dominant blockchain in the NFT space with $1.6 billion in trading volume. The share represents 83.36% dominance in the market.

NFT trading platform Blur emerged as the most dominant player among the top-performing NFT platforms with $1.3 billion in trading volume. The number represents a 64.8% share of the entire market’s trading volume.

“Although the surge in trading volume was partly driven by wash NFT farming on Blur, this still represents a positive development for the industry as a whole.”

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney
Featured Image: Shutterstock/Sensvector

Leave a Reply

Your email address will not be published. Required fields are marked *