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As the end of January approaches, the landscape of the NFT market is witnessing significant changes. OpenSea, the leading NFT marketplace, is experiencing a decline in transaction volume, while the rising NFT platform and collector Blur is seeing a noticeable increase in user activity and transaction volume.
OpenSea’s Weak Performance
According to Dune Analytics, OpenSea is heading towards its lowest monthly sales volume since September 2023. By the end of January, OpenSea‘s NFT sales volume dropped to $126.43 million, a significant 26% decrease compared to the $171 million recorded in December 2023.
One of the main reasons for the decline on the platform is the decrease in the number of active users. A Dune Analytics chart shows a 13% drop in the number of traders who have completed at least one NFT transaction since the beginning of the year, compared to 122,000 in December 2023. Additionally, the total number of NFTs sold on OpenSea has fallen by 23% in the last 26 days.
Blur’s Strong Entrance
In contrast to OpenSea’s struggles, Blur is emerging as a significant player in the NFT field. It experienced an increase in user activity and transaction volume last month. DappRadar data indicates that Blur’s transaction volume has exceeded $700 million in the last 30 days, marking a significant 21% increase. In the same period, NFT sales on Blur increased by 3.27%, reaching 219,180.
While the number of traders on OpenSea is decreasing, Blur’s user base grew by 4% last month. Notably, Blur currently holds the highest market share of all NFT transactions conducted last week, capturing 74.2% of the market and leaving OpenSea behind with a 14.3% share.
Overall Market Trends and NFTGo Analysis
According to data from NFTGo, there has been a 9% increase in the total NFT sales volume across all collections in the NFT market over the last 30 days. However, there was also a slight 3.26% decrease in NFT market value during the same period.
Despite changing dynamics in the NFT market, OpenSea is facing a decrease in transaction volume due to a reduction in active users. On the other hand, Blur is emerging strongly with an increase in user activity and transaction volume. These trends emphasize the rapidly evolving nature of the NFT field, highlighting the necessity for NFT enthusiasts and investors to continuously adapt.
