February NFT Marketplace Recap

In February 2024, the NFT market saw a slight retracement in trading volumes, dipping by 2.4% to $681 million. OpenSea saw a slight increase in its market share, up to 20.2% from 18.7% in January 2024. This is the first sign of an uptrend in OpenSea’s share of NFT trading volume in the past quarter, so it would be interesting to see if this trend continues. Otherwise, Blur will continue to dominate most of the NFT trading volume, seeing as its market share has remained at 74% of the total trade volume this month. The increase in OpenSea’s market share mainly came from other smaller NFT marketplaces, which means that Blur remains largely unchallenged in terms of NFT trading activity.

Blur’s trading volume fell by 2.4% in February 2024, while OpenSea’s increased by 5.4%. Most other notable marketplaces, such as CryptoPunks and LooksRare, saw MoM volume declines of 36.0% and 11.8%, respectively. Only X2Y2 had a significant rise in trading volume, recording a 28.9% MoM increase.