- The NFT market experienced an increase in sales volume in February.
- OpenSea Polygon posted an all-time high in monthly sales volume.
He non-expendable token [NFT] The market continued to show vigorous growth and attracted a broader range of collectors. The ecosystem saw a substantial increase in trading volume in February, according to a new report from radardapp revealed.
According to the report, NFT sales volume in February rose to a high of $2 billion for the first time since May 2022. DappRadar noted that the growth was primarily driven by Blur [BLUR]a popular NFT project that generated $1.2 billion in trading volume alone, representing a 117% increase in trading volume from the previous month.
Source: Dapp Radar
Polygon records a milestone
While Ethereal [ETH] maintained its dominance in the NFT market with a total sales volume of $1.6 billion in February, DappRadar found that the trading volume in Polygon [MATIC] grew an astonishing 147% in the 28-day period.
Data of dune analysis revealed that collectors in Open sea traded $109 million worth of Polygon-based NFTs in February, causing monthly sales volume to hit an all-time high.
Source: Dune Analytics
Comparison of the largest NFT platforms for February
The sales volume of Ethereum-based NFTs also jumped to the highest level since the start of the year. According to Dune Analytics, monthly sales volume totaled $647 million, an increase of 45% from the $446 million recorded in January.
Source: Dune Analytics
The jump in the sale of Polygon-minted NFTs on OpenSea was partly due to the increase in the number of merchants. The active monthly merchant count soared to the highest level since September 2021, culminating in impressive sales volume growth. According to Dune Analytics, the number of monthly active users who traded Minted NFTs for Polygon on OpenSea was 226,880.
Source: Dune Analytics
By contrast, OpenSea Ethereum recorded a drop in monthly active trader count in February, which fell 5% during this period.
Another point of disparity between Polygon-based NFTs and Ethereum-based NFTs at OpenSea in February was the count of NFTs sold. Data from Dune Analytics showed that OpenSea Polygon NFTs saw their monthly sales count increase by 15%. However, the number of Ethereum-based NFTs sold on OpenSea decreased by 28% within the same window period.
Source: Dune Analytics
While Ethereum maintained its 83.36% dominance over the market in February, partly due to increased user activity on Blur, Glassnode, in a recently published report reportsaying:
โThe recent attention surrounding Blur has led to an increase in demand for block space, resulting in higher fees for validators and more ETH burned through EIP1559.โ
However, the report also noted:
"While there has been an expansion in activity and overall growth in the chain, the number of new addresses is still 40% lower than the same period last year, and the monthly average remains below the annual, indicating negative momentum".
