The NFT market has seen a spike in activity over the past month, with the majority of the increased trading volume occurring on the Blur BLUR -0.44% marketplace.
According to The Block's Data Dashboard, November saw $605 million in Ethereum-based NFT trading. That's up from a monthly trading volume of $306 million in October, an increase of almost 100%.
Just four days into December, NFT trading volume for the month has already reached almost $90 million, with nearly $70 million coming from transactions on the Blur NFT marketplace.
Shift from OpenSea
Since February of this year, the NFT sector has witnessed a notable market share shift from OpenSea to Blur, with the later marketplace now dominating almost 80% of total trading volume in the Ethereum-based NFT market. OpenSea, the NFT marketplace that was once dominant, has been ceding ground and currently holds around only 17% of NFT trading volume.
According to The Block's Data Dashboard, there has also been an uptick in trading on Solana-based NFT marketplaces, with daily volumes rising throughout November and into December. On Nov. 30, total trading volume across Solana-based NFT markets stood at $9.3 million, a high not seen since April of this year. The majority of this volume was on Tensor, with over $5 million in daily trades.
Blur, launched in October 2022, is a zero-fee NFT marketplace designed to cater to the needs of professional NFT traders.
Disclaimer: Larry Cermak, CEO of The Block, is an angel investor in Blur.
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