A leading blockchain analytics firm, Nansen, analyzed the NFT market and suggested a resurgence in the sector in Q1 2023. The analysis showed that sales surged over 230% compared to Q4 2022 when comparing market performance in terms of trading volumes.
According to Nansen’s 2022 report, the NFT market transacted over 1.5 million ETH, worth more than $1.97 billion, resulting in an NFT sales volume of 9,036,778 in Q4 2022. In comparison, Q1 2023 showed a significant increase in transacted volume, with the market volume reaching over 2.83 million ETH, or $4.54 billion.
In Q1 2023, the total number of transacted NFTs was 11,498,022, with a 230% increase in volume compared to Q4 2022. Nansen data indicates a lull in April, despite Q1 2023 showing a significant increase in sales volume compared to Q4 2022. March saw $1.7 billion in transactions, while the next 30 days experienced a dip in volume, generating approximately $1.2 billion. This trend continues to be observed in May, as illustrated below.
Source: Nansen
The number of users has also slightly declined, with data for the past few weeks being lower than the previous year’s records. However, it is worth noting that Q1 recorded 13,999,528 users, a significant increase from Q4 2022, which had 11,233,872 users.
Source: Nansen
During the last quarter of 2022, OpenSea contributed significantly to the NFT market with 219,992.50 ETH in volume, equivalent to $272,415,866.4 and a total of 1,413,780 NFTs sold on the platform.
During the last quarter of 2022, OpenSea was the standout platform with 1,413,780 NFTs sold and 219,992.50 ETH in volume, equivalent to $272,415,866.4. In addition, LooksRare, Mint, CryptoPunks, and X2Y2 also recorded significant sales volumes during the period.
In Q1 2023, Blur became a dominant NFT marketplace with a sales volume of approximately 1.9 million ETH, surpassing OpenSea’s volume of 661,547.79 ETH, or around $1.02 billion, from the sale of 3,727,299 NFTs.
The NFT marketplace, Blur, launched in October 2022, has become a prominent player in the industry. The platform, which operates on Ethereum,$2.93 billion worth of NFT sales, equivalent to more than 1.8 million ETH. Additionally, the platform was responsible for 1,999,688 of the total quarterly NFT sales.
Blur’s increase in sales volume reflects the ongoing growth of the NFT market, as traders and collectors show interest in exploring established and emerging platforms.
Also Read: Blur Unveils Blend: NFT Collateral Perpetual Lending Protocol
