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CryptoSlam data indicates that the Ethereum (ETH) network experienced a surge in monthly Non-Fungible Token (NFT) sales, surpassing the $430 million mark and reaching the highest level in the last ten months. In the past 23 days, the volume of NFT sales on the Proof-of-Stake network reached $433 million, showing a 22% increase from the $355 million recorded in January.
What Does CryptoSlam Data Indicate?
According to CryptoSlam, the last time the monthly NFT sales volume on the Ethereum network exceeded $400 million was in April 2023. The sales volume recorded so far this month involved a total of 677,456 transactions completed between 98,000 unique sellers and 118,371 unique buyers.
Interestingly, the total number of NFT transactions recorded in the last 23 days showed a 27% decrease compared to the total of 929,155 transactions in January. Despite this, with five days left in the month, on-chain data revealed that February’s sales volume had already surpassed January’s by double digits.
Is Blur Dominating the Market?
On the Blur (BLUR) front, developments appeared positive, with the highest trading activity among all NFT marketplaces occurring here in the last 30 days. Data from DappRadar indicated that the NFT marketplace maintained its leadership despite a double-digit drop last month.
Analysis showed that the platform’s trade volume dropped by 21% in the last 30 days, amounting to $601 million. This decrease occurred despite a 6% growth in the number of NFT transactions and a 14% increase in the number of traders using the protocol, raising questions.
The OpenSea marketplace, which made a significant impact during the previous bull run, experienced a 5% increase in trade volume during the same period, yet its sales volume remained 83% behind Blur’s. According to DappRadar data, OpenSea’s NFT sales volume last month was at the $105 million level.
Current Situation on Ethereum
While all this was happening, the focus was also on the price of Ethereum. At the time of writing, the ETH price was trading around the $3000 level. The overall market cap was above the $350 billion mark, following a rise of over 1%.
On the other hand, the 24-hour trading volume was raising questions among investors. There was a 16% decrease in the volume of transactions during this period, amounting to $10.8 billion.
