March NFT Marketplace Recap

In March, the non-fungible token (NFT) market experienced a significant resurgence, marking its second consecutive month of over $1 billion in total trading volume. This revitalization, a notable development within the sector's ongoing recovery, can be primarily attributed to the strategic and influential efforts of Blur.

Blur secured an impressive 71.8% of the total NFT trading volume on Ethereum in March, exhibiting a substantial growth from February's 67% and a dramatic rise from January's 38%. The platform's remarkable ascent holds particular importance given the broader market's previous struggles with protracted periods of decreased trading activity, consequently inspiring renewed optimism among NFT investors and enthusiasts. In contrast, OpenSea, once a formidable force in the NFT marketplace, has witnessed its trading volume decline from 38.8% in January to a mere 20.4% today. This development is particularly unexpected given that OpenSea overhauled its royalty policy on February 17th, instituting a minimum royalty fee of 0.5% while temporarily eliminating their trading fee in an effort to compete with Blur.