The NFT market achieved sales of 4.7 billion USD in the first quarter: Dappradar

Von Krypto News Österreich

The NFT sector seems to be back because the mood on the wider cryptoma market recovers.

The advancement of new actors and changing dynamics have led to the rapid development of the area of ​​non -funny tokens. Despite a hectic start, NFTs had a strong first quarter of 2023.

NFT market review: Q1 2023

According to a report by Dappradar, the NFT market had an impressive start of the year. In fact, Q1 2023 proved to be the best quarter since Q2 2022. While the NFT trade volume in March recorded a slight decline of 15.65 % due to the turbulent market conditions, the overall performance remained optimistic. Let's take a closer look at the most important highlights of the NFT market performance in the first quarter.

The trading volume for the entire first quarter rose by 137 % and achieved a total value of $ 4.7 billion. The number in February was driven up by the Blur-token-Farming period, while the NFT sales figures for the following month in March with 2.7 million NFTs only decreased by 4.63 %.

In the first quarter of 2023, NFT sales made up 19.4 million, which corresponds to an increase of 8.56 % compared to the last quarter of 2022.

In terms of blockchains, Ethereum remains the dominant player on the NFT market according to volume and made almost 90 % of the market share in March. The quarterly trading volume also rose by more than 245 % to $ 4.1 billion in the first quarter of 2023 compared to the fourth quarter of 2022.

Behind it follows Solana with a trade volume of $ 242 million. The Layer 1 Blockchain has had an increase of 4.55 %since the quarter.

also had a remarkable start to the year, with a trading volume of over $ 29 million in March, despite a decline of 24.20 % compared to the previous month. In addition, after quarterly data, the Layer 2 scaling solution had a trading volume of $ 85 million in the first quarter of 2023, which corresponds to an increase of 125.04 % compared to the previous quarter, which has made one of the best three-month periods since the fourth quarter of 2021.

highlight: blurring vs. open sea

OpenSea has long held its position as a dominant NFT marketplace. However, the emergence of Blur sparked an open fight against the once undisputed market leader. The report revealed that Blur dominated the NFT market in the first quarter of the year and recorded a trade volume of $ 2.7 billion, an astonishing increase of 783.89 % compared to the fourth quarter of 2022 and a market dominance of over 57 %.

Blur was hit by 6.56 % to $ 1.2 billion from a decline in the commercial volume, but the platform had a market dominance of more than 70 %.

After the hard competition of Blue, the market share of OpenSea reached the lowest value since February 2021 in March. In terms of the first quarter of 2023, the marketplace recorded an increase of 68.41 % with a trade volume of $ 1.4 billion. His quarterly market dominance was 31.10 %.

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