NFT Sales Surge In February
NFT sales volume soared in February to levels not seen since the start of crypto winter last spring, according to DappRadar data.
Last month, trading exceeded $2.04 billion, an increase of 117% from $941 million in January. According to these figures, February was the best month for the NFT market since last May, when Terra’s implosion shattered the crypto economy and buried the then-hot NFT market in ice.
The emerging NFT marketplace, which recently surpassed OpenSea in trading volume, has been fueled by incentives that financially reward loyal users for not trading on any other platform and, more importantly, for trading as many high-value NFTs as possible.
Blur’s trading volume increased by more than $1.13 billion month over month in February, accounting for nearly all of the NFT market’s month-over-month gains. The majority of that volume, however, was generated by a small number of whales flipping NFTs back and forth in order to accumulate BLUR tokens through the company’s incentive scheme.
Despite the competition and controversy sparked by Blur’s explosive growth last month, rival OpenSea continued to chug along in February, even after the $13.3 billion company announced it would cut creator royalty protections, likely due to Blur’s aggressive tactics. Last month, OpenSea’s monthly trading volume increased 18% to $587.22 million.
(With input from Shikha Singh)
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