Key Points
The monthly sales of non-fungible tokens (NFTs) on the Ethereum (ETH) network have soared to their highest in ten months. Data from CryptoSlam indicates that the sales have crossed $430 million.
Over the past 23 days, the NFT sales volume on the Proof-of-Stake network totaled $433 million. This marks a 22% increase from the $355 million recorded sales volume in January.
The last time the monthly NFT sales volume on the Ethereum network exceeded $400 million was in April 2023, according to the data provider. The sales volume registered this month came from 677,456 total transactions. These transactions were completed between 98,000 unique sellers and 118,371 unique buyers.
Drop in Total NFT Transactions
Interestingly, the total NFT transactions count in the last 23 days represented a 27% drop from the 929,155 total transactions in January. Despite this, February’s sales volume has already surpassed January’s by double digits, as revealed by on-chain data.
Blur (BLUR) has seen the highest trading activity of all existing NFT marketplaces in the last 30 days. According to DappRadar, the NFT marketplace and aggregator continues to maintain its spot as the leading protocol in terms of sales volume. This is despite the double-digit decline logged in the last month.
The trading volume on the platform totaled $601 million in the last 30 days, plummeting by 21%. This occurred despite a 6% growth in NFT transactions count and a 14% growth in the number of traders that used the protocol.
OpenSea, a leading NFT marketplace, saw its trading volume rise by 5% during the same period. However, its sales volume fell behind Blur’s by 83%. According to DappRadar, OpenSea’s NFT sales volume in the last month was $105 million.
The value of highly rated collections tracked by the Blue Chip Index has surged in the last month. According to NFTGo, this metric tracks the performance of Blue Chip NFTs. It is calculated by weighting the market capitalization of these NFTs to determine their performance. At 5832 ETH at press time, the Blue Chip Index has increased by 16% since the year began.
An evaluation of all NFT collections revealed a 6% drop in sales volume in the last month. Despite this, the overall NFT market capitalization has grown by 17% during that period, according to NFTGo data.
