NFT market erupts with $2 billion trading volume in February: Report

ambcrypto.com:

The Non-Fungible Token [NFT] market continued to show vigorous growth and attracted a wider range of collectors. The ecosystem saw a substantial increase in trading volume in February, a new report from DappRadar revealed.

According to the report, NFT sales volume in February climbed 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 saw $1.2 billion in trading volume alone, representing a 117% increase in trading volume from the previous month.

Source: DappRadar

While Ethereum [ETH] maintained its dominance in the NFT market with a total sales volume of $1.6 billion in February, DappRadar found that trading volume on Polygon [MATIC] grew by a whopping 147% within the 28-day period.

Data from Dune Analytics revealed that collectors on OpenSea traded Polygon-based NFTs worth $109 million in February, causing the monthly sales volume to rally to an all-time high.

Source: Dune Analytics

Sales volume for Ethereum-based NFTs also jumped to the highest level since the year began. Per Dune Analytics, the monthly sales volume totaled $647 million, a 45% rally from the $446 million recorded in January.

Source: Dune Analytics

The jump in the sale of Polygon-minted NFTs on OpenSea was due partly to the rise in the number of traders. The count of active monthly traders spiked to the highest level since September 2021, culminating in the impressive growth of sales volume. According to Dune Analytics, the number of monthly active users that traded Polygon-minted NFTs on OpenSea was 226,880. 

Source: Dune Analytics

Conversely, OpenSea Ethereum registered a drop in the count of active monthly traders in February, which dropped by 5%