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.”
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