January NFT Marketplace Recap

In January 2024, the NFT market continued its uptrend, with trading volumes reaching a new high of $698 million, a 9.4% MoM increase from December’s $638 million. Interestingly, OpenSea’s market share continues to dwindle, down to 18.7%, the lowest in the past quarter. Meanwhile, Blur continues to dominate the vast majority of NFT trading volume, facilitating more than 74% of the total trade volume. 

The divergence between the growth trajectories of OpenSea and Blur is highly peculiar. The former, which once held the lion’s share of the market, now finds itself with diminished market share, while the latter continues to see an increased dominance despite earlier pushback for its policy on creators’ royalties. With these trends unfolding, it becomes increasingly apparent that the behaviors and preferences of traders serve as the lifeblood shaping the dynamics of the NFT market.