NFT trading volume rose 230% in Q1, Nansen finds

Data shows a decline in NFT volumes in April and May. Source:Nansen

There’s also a slight decline in the number of users, with data for the past few weeks lower than what was recorded in the past year. Notably though, Q1 saw 13,999,528 in users, compared to 11,233,872 in Q4, 2022.

A visualization of NFT sales and wallets between January,2022 and April, 2023. Source: NansenThe decline comes amid a surge in interest in meme coins, with the likes of Pepe (PEPE) and Floki Inu (FLOKI) top performers in the last month.

OpenSea saw $200 million worth of NFT sales volume in Q4, 2022

In the last quarter of 2022, the NFT market observed noteworthy sales figures, particularly for OpenSea. The platform accounted for 219,992.50 ETH in volume, equivalent to $272,415,866.4. The total NFT sales across the platform during the quarter was 1,413,780 NFTs.

During this period, other platforms that recorded significant volumes were LooksRare, Mint, CryptoPunks, and X2Y2.

Blur emerges as key NFT marketplace, Q1 volume surpassed OpenSea’s

During the first quarter of 2023, Blur emerged as a prominent player in the NFT market. While OpenSea sales volume was 661,547.79 ETH, or approximately $1.02 billion from 3,727,299 NFTs sold, Blur’s volume was nearly three times higher.

According to the Nansen analysis, Blur saw its remarkable growth translate to over 1.8 million ETH, or $2.93 billion worth of NFT sales. The platform accounted for 1,999,688 of the quarterly NFT sales.

Blur, launched in October 2022, is now one of the leading NFT marketplaces. The Ethereum-based platform looks to offer traders and collectors a top marketplace that highlights a community-driven ecosystem.

Blur’s growth in terms of sales volume demonstrates the continued expansion of the NFT market, with traders and collectors keen to explore the best of both established and emerging platforms.

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