Positive Outlook for the NFT Market as DappRadar Report Reveals Impressive Numbers and Growth
Blockchain analytics platform, DappRadar has recently released a report revealing that the NFT market started to recover in Q1 of 2023, in conjunction with the crypto market. The first quarter of the year saw a strong performance, with total NFT sales reaching $4.7 billion. This marks Q1 of 2023 as the best quarter since Q2 of 2022. While there was a slight decline of approximately 15% in NFT trading in March, overall performance for the first three months of the year was positive.
The report provides a detailed breakdown of the figures, showing that trading volume surged by 137% to reach $4.7 billion in Q1 of 2023. One of the significant boosts in trading came from the Blur token farming period in February. In the first quarter, 19.4 million NFTs were sold, with 2.7 million NFTs sold in March.
Ethereum remains the dominant blockchain for NFTs, accounting for nearly 90% of the market share in March. Its quarterly trading volume increased by over 250% to $4.1 billion. Solana came in second, with a trading volume of $242 million, a 4.6% increase from the previous quarter. Meanwhile, Polygon surpassed $29 million in sales in March and $85 million for the quarter. This marks a 125% increase from Q4 of 2022, making it the best three-month period for Polygon since Q4 of 2021.
OpenSea has been the leading NFT marketplace for some time now, but the report shows that Blur marketplace sparked a battle in Q1 of 2023. The new marketplace registered $2.7 billion in total trading volume, which is a whopping 783% increase from Q4 of 2022. This competition from Blur pushed OpenSea's market share to its lowest levels since February 2021, at just 22% in March.
Overall, the report indicates a positive outlook for the NFT market, with impressive numbers and the emergence of new players. With the crypto market showing signs of recovery, we can expect to see more growth in the NFT market in the coming months.