In the last 30 days, the volume of NFT sales on popular blockchains such as Ethereum, BNB Chain, and Flow has decreased by 14% to 41%, according to recent data.
On other chains, however, such as Solana, Polygon, Cardano, and Arbitrum, the percentage has increased by 11% to 64%.
However, it should be noted that the increase in sales is not necessarily accompanied by a rise in the number of buyers and transactions. This is a reflection of the crypto market’s overall indecision, which is also effecting the NFT market.
There is a growing concern that the NFT market may be experiencing a structural shift following the banking crisis. Sam, also known as NFTStatistics, tweeted that the number of unique NFT buyers per day has been 25% lower since the SVB saga. This suggests that there has been less buying interest in NFTs as prices have gone down.
In terms of the volume of NFT trading platforms, Blur is presently the market leader. Blur has seen approximately $1.1 billion worth of NFTs traded over the past four weeks, compared to Opensea’s $270 million.
Even on a weekly basis, Blur’s numbers are significantly higher than OpenSea’s. The role of BLUR airdrops cannot be ignored, as users must list and trade NFTs on Blur to qualify for them.
This has caused high trading volumes, though the vast majority of it seems to be “wash trading.”
Blur is expected to release 300 million of its native tokens to traders during Season 2, which is currently underway and will end in May 2023.
