DappRadar declares NFT markets most successful quarter since early 2023
Bitcoin has experienced a downward trend for the fourth day in a row, but surprisingly, non-fungible tokens (NFTs) have seen a resurgence, marking their best quarter since early 2023.
In the second quarter of the year, NFTs, a form of digital collectibles, saw a significant increase in sales by 28%, reaching levels not seen since the first quarter of 2023. Research conducted by DappRadar revealed that NFTs generated $4 billion in trading volume during this period, representing a 3.7% growth compared to the fourth quarter of 2023.
According to Sara Gherghelas, a blockchain analyst at DappRadar, Blur continues to dominate the market with a 31% market share, despite a 50% decrease from the previous quarter. In second place is Magic Eden, which has seen success with Ordinals, non-fungible tokens built on the Bitcoin network, increasing its market dominance from 17% to 22%.
OpenSea holds the third position in terms of market dominance, with Gherghelas noting that it leads as the top NFT marketplace by sales, capturing 12% of the market share.
Although the driving force behind the increased trading volume of NFTs remains unclear, DappRadar suggests that the positive momentum in the web3 industry is strong. Investors continue to show enthusiasm and potential for further growth and innovation in the NFT space.
In other news, Paris Match is auctioning NFTs to commemorate the magazine’s 75th year, indicating the growing interest and adoption of NFTs in various industries.
