The NFT marketplace has received a massive boost after it experienced huge investments from traders aiming to become collectors. According to a report by dappradar.com, there was expansive growth and investments in February. All the marketplaces combined recorded a trading value of approximately $2 billion.
According to the report, this was the first time the NFT market reached about $2 billion in market trading volume since May 2022. The NFT market has experienced its ups and downs, especially with the collapse of the FTX. Sales have bounced back in the NFT market after a huge record of $2 billion trading volume in February.
DappRadar reported that a particular NFT art project drove the sudden growth in the NFT market. Named Blur [BLUR], the single NFT platform has been driving more than half of the trading volume recorded in the NFT market. From DappRadar, Blur [BLUR] contributed about $1.3 billion from the $2 billion trading volume.
In their report, DappRadar said, “Among the top-performing NFT platforms, Blur has emerged as the dominant player with $1.3 billion in trading volume, representing 64.8% of the entire NFT market trading volume.”
Polygon Makes a Huge Impact
The Polygon network is behind the Ethereum blockchain in the NFT market, but they have been making a huge impact on the NFT market recently. The Ethereum blockchain was still the leading blockchain in the NFT market for February, with about $1.6 billion in sales volume in February alone. But data from Dappradar.com showed Polygon has been growing exponentially in the NFT market.
DappRadar recorded a mind-blowing 147% increase in the trading volume of Polygon within 28 days. This is a huge feat as it shows that Polygon is finally showing signs of becoming a massive NFT blockchain soon.
DappRadar said the total trading volume of NFTs in the Polygon blockchain went up to $109 million. Of course, the NFTs traded in the Polygon network are Polygon-based NFTs. With the new figure achieved within a month, Polygon has reached a new all-time high in trading volume.
Biggest NFT Platforms for February
DappRadar also mentioned the biggest NFT platforms for February. There were many high performers and others that recorded low sales volumes.
Blur has emerged as the top player among other NFT platforms for February, beating Opensea and other NFT platforms. Blur took 64.8% of the entire NFT market trading volume, leaving other NFT marketplaces to scramble for the rest. Opensea was just behind Blur as it came close with 28.7% of the market at $587 million. Other NFT marketplaces that came close in the trading volume are X2Y2 and LooksRare. Both had about $39 million and $29 million in trading volume, respectively.
According to DappRadar, its unique trading styles set Blur aside from other platforms, with whales dominating the NFT trading platform. “What sets Blur apart from other NFT marketplaces is its unique trading patterns. Unlike the typical wash trading seen on other platforms, Blur’s trading activity is largely driven by NFT whales farming on the platform,” DappRadar added.