The NFT market has been showing signs of resurgence in the first quarter of 2023, according to blockchain analytics firm Nansen.
A recent study conducted by the company revealed that the trading volume for non-fungible tokens rose by 230% in Q1, with over $4.54 billion in sales compared to $1.97 billion in Q4, 2022. Nansen’s data journalist, Martin Lee, also noted that the majority of the volume in the quarter came from the NFT marketplace Blur. The report also stated that the number of NFT users grew significantly during the quarter, though the past few weeks have seen a decline in both volume and user numbers. Despite the decrease in activity, Q1 saw a total of 13,999,528 users compared to 11,233,872 in Q4, 2022.
The decline in NFT activity comes amid a surge in interest in meme coins, such as Pepe (PEPE) and Floki Inu (FLOKI), which have been top performers in the last month.
During the last quarter of 2022, OpenSea saw noticeable sales figures, accounting for 219,992.50 ETH in volume, equivalent to $272,415,866.4. However, in Q1, Blur emerged as a prominent player in the NFT market, with a sales volume of over 1.8 million ETH or $2.93 billion worth of NFTs sold.
Blur, launched in October 2022, is now one of the leading NFT marketplaces, offering traders and collectors a top marketplace that highlights a community-driven ecosystem. Its growth in sales volume demonstrates the continued expansion of the NFT market, with traders and collectors keen to explore the best of both established and emerging platforms.