- The main reason for the rapid rise in NFT trading volume is due to the launch of Blur, the new fee-free marketplace, which surpassed OpenSea’s trading volume after announcing a BLUR token airdrop for traders.
- However, it may be difficult for Blur to remain the highest volume NFT marketplace in the long term.
- Another reason for the increase in NFT trading volume is Yuga Labs, which represents 30% of the Ethereum-based NFT trading volume thanks to the new Sewer Pass collection.
While cryptocurrencies continue to show their strength against each other, NFTs are also in great competition in terms of trade volume. Providing analytical data for dApps, marketplaces, and collections, DappRadar’s February industry report shows NFT transaction volume to exceed $2 billion in February. This is the highest level reached after 9 months.
The biggest reason for the rapid rise in trading volume is that Blur, the new fee-free marketplace, has surpassed OpenSea’s. After Blur announced that those who trade on the their marketplace will be able to take advantage of the BLUR token airdrop, the trading volume of the marketplace has skyrocketed. Transaction volume increased by 120% in February compared to January. On the other hand, 31% less NFTs were sold compared to January.
Can Blur Remain In The Top Lines?
Blur’s airdrop token distribution and zero transaction fees make it the most popular blockchain dApp of February. But before that, OpenSea had to compete with different competitors many times and beat them all. It is very difficult for Blur to remain in the highest-volume NFT marketplace. But it’s an impressive fact that they’ve done well since the launch in October so far.
The BLUR token was traded at $5 on February 14, when it first entered the open market. The price, which fell as low as $0.60 quickly, recovered to $1.36 but is currently at $0.739. BLUR token is the 126th most valuable cryptocurrency at this price.
Source: Dapp Radar
Another Reason for Trading Volume Increase: Yuga Labs
While the Blur marketplace was the number one reason for the increase in trading volume in February, we can again place Yuga Labs in second place. Adding a new collection called Sewer Pass to the Bored Ape Yacht Club family, Yuga Labs alone represents 30% of the Ethereum-based NFT trading volume. Sewer Pass NFTs will act as entrance tickets to play the skill-based blockchain game called Dookey Dash.
Yuga Labs has so dominated the NFT industry that new collections released are sold out in minutes. Yuga Labs is set to launch its prolific art Bitcoin NFT collection, TwelveFold, in March. The goal is to surpass the success of the Ordinals. Thanks to this, it is possible to see very high NFT trading volumes again in March.