Blur dominate almost 80% of NFT trading volume as activity spike

4 Dis 2023

Key Takeaway
i. Blur’s NFT marketplace now holds almost 80% of non-fungible token trading volume as activity in the sector spikes.

ii. OpenSea’s NFT market share has declined to a low of almost 17% of total trading volume, according to data from The Block.

The NFT market has seen a spike in activity over the past month, with the majority of the increased trading volume occurring on the Blur marketplace.

According to The Block's Data Dashboard, November saw $605 million in Ethereum-based NFT trading. That's up from a monthly trading volume of $306 million in October, an increase of almost 100%.

Just four days into December, NFT trading volume for the month has already reached almost $90 million, with nearly $70 million coming from transactions on the Blur NFT marketplace.

Shift from OpenSea
Since February of this year, the NFT sector has witnessed a notable market share shift from OpenSea to Blur, with the later marketplace now dominating almost 80% of total trading volume in the Ethereum-based NFT market. OpenSea, the NFT marketplace that was once dominant, has been ceding ground and currently holds around only 17% of NFT trading volume.

According to The Block's Data Dashboard, there has also been an uptick in trading on Solana-based NFT marketplaces, with daily volumes rising throughout November and into December. On Nov. 30, total trading volume across Solana-based NFT markets stood at $9.3 million, a high not seen since April of this year. The majority of this volume was on Tensor, with over $5 million in daily trades.

Blur, launched in October 2022, is a zero-fee NFT marketplace designed to cater to the needs of professional NFT traders.