NFT marketplace erupts with $2 billion buying and selling quantity in February: Record

• The NFT marketplace noticed larger gross sales quantity in February.
• OpenSea Polygon recorded an all-time top in per 30 days gross sales quantity.

The Non-Fungible Token [NFT] marketplace persevered to turn lively expansion and attracted a much wider vary of creditors. The ecosystem noticed a considerable building up in buying and selling quantity in February, a brand new record from DappRadar printed.

Consistent with the record, NFT gross sales quantity in February climbed to a top of $2 billion for the primary time since Would possibly 2022. DappRadar famous that the expansion used to be essentially pushed by means of Blur [BLUR], a well-liked NFT mission that noticed $1.2 billion in buying and selling quantity by myself, representing a 117% building up in buying and selling quantity from the former month.

Supply: DappRadar

Polygon logs a milestone 

Whilst Ethereum [ETH] maintained its dominance within the NFT marketplace with a complete gross sales quantity of $1.6 billion in February, DappRadar discovered that buying and selling quantity on Polygon [MATIC] grew by means of a whopping 147% throughout the 28-day duration.

Information from Dune Analytics printed that creditors on OpenSea traded Polygon-based NFTs value $109 million in February, inflicting the per 30 days gross sales quantity to rally to an all-time top.

Supply: Dune Analytics

Evaluating February’s greatest NFT platforms

Gross sales quantity for Ethereum-based NFTs additionally jumped to the easiest stage for the reason that yr started. Consistent with Dune Analytics, the per 30 days gross sales quantity totaled $647 million, a forty five% rally from the $446 million recorded in January.

Supply: Dune Analytics

The soar within the sale of Polygon-minted NFTs on OpenSea used to be due in part to the upward thrust within the selection of investors. The depend of energetic per 30 days investors spiked to the easiest stage since September 2021, culminating within the spectacular expansion of gross sales quantity. Consistent with Dune Analytics, the selection of per 30 days energetic customers that traded Polygon-minted NFTs on OpenSea used to be 226,880. 

Supply: Dune Analytics

Conversely, OpenSea Ethereum registered a drop within the depend of energetic per 30 days investors in February, which dropped by means of 5% right through this era. 

Every other level of disparity between Polygon-based NFTs and Ethereum-based NFTs on OpenSea in February used to be the depend of NFTs offered. Information from Dune Analytics confirmed that OpenSea Polygon NFTs noticed its per 30 days gross sales depend building up by means of 15%. Alternatively, the selection of Ethereum-based NFTs offered on OpenSea declined by means of 28% inside of the similar window duration.

Supply: Dune Analytics

Whilst Ethereum retained its 83.36% dominance over the marketplace in February in part because of larger consumer job on Blur, Glassnode, in a just lately revealed record, stated:

“The new consideration surrounding Blur has resulted in a surge in call for for blockspace, leading to larger charges for validators, and extra ETH being burnt by way of EIP1559.”

Alternatively, the record additionally seen:

“Whilst there was a diffusion in overall on-chain job and expansion, the selection of new addresses continues to be 40% less than this time ultimate yr, and the per 30 days moderate stays under the annual, signaling unfavourable momentum.”