December NFT Marketplace Recap

In December, the NFT market experienced a significant surge, with trading volumes reaching their highest point in over seven months. The total trading volume climbed to an impressive $682 million, marking a robust 35% MoM increase from November’s $505 million. Simultaneously, the once-dominant OpenSea witnessed its monthly volume market share dip to a ten-month low of 22% in December, a sharp decline from its 25% in November. In contrast, the marketplace Blur steadily gained traction, persistently surpassing OpenSea in total volume across marketplaces for the past eleven months.

Aside from CryptoPunks and X2Y2, every platform registered a rise in their secondary market volume in November. Notably, Blur and OpenSea emerged as the frontrunners, recording the most significant month-over-month volume increases at 50% and 23%, respectively. Additionally, trading activity amongst the top 1% of users by volume on Blur is becoming more concentrated as volumes rise. Blur’s high-frequency trading user base has grown significantly in December, as 74% of its volume from the top 1%, a major rise from November’s 55%.In comparison, OpenSea's top 1% remained at 20%, indicating a much more casual user demographic.