Despite Bitcoin experiencing a continuous decline, the non-fungible token (NFT) market has defied expectations, recording its best quarter since early 2023. In Q2 2024, NFTs saw a 28% increase in sales count, reaching levels last seen in Q1 2023, according to a recent research report by DappRadar.
Surge in NFT Trading Volume
NFTs recorded $4 billion in trading volume in Q2, marking a 3.7% increase compared to Q4 2023. Sara Gherghelas, a blockchain analyst at DappRadar, noted that while Blur remains the dominant platform with 31% market share, it has lost 50% of its dominance since the last quarter.
“Blockchain gaming continues to dominate the dapp industry, although its share has slightly decreased by 2% from the last quarter, similar to the DeFi sector. In contrast, the NFT and social sectors have both increased their market dominance, emerging as the leading trends of Q2 2024,” said Gherghelas.
Market Players and Shifts in Dominance
Magic Eden follows as the second most dominant player, experiencing success with Ordinals — NFTs built on the Bitcoin network — and increasing its dominance from 17% to 22%. OpenSea ranks third in terms of dominance, but it remains the most dominant NFT marketplace by sales, holding a 12% market share.
Sustained Enthusiasm in the NFT Space
While the exact drivers behind the surge in NFT trading volume remain unclear, DappRadar attributes the momentum to a strong positive impulse in the web3 industry. The report suggests that investor enthusiasm and potential for further advancements in the NFT sector remain high.
This resurgence highlights the evolving dynamics within the digital collectibles market, indicating a robust and sustained interest in NFTs despite broader market challenges.
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