Ethereum NFTs lead the market as Blur beats Opensea in Q1 2023
In the first three months of 2023, Coingecko reported that there was a steady increase in NFT trading volume which started in Q4 2022.
Further details of the research showed that while the rise measured 68% from $2.1 billion in 2022 Q4, to $4.5 billion in 2023 Q1, Ethereum-based NFTs were the most traded in Q1 2023 at 90% of the entire market share. Other chains such as Immutable X, Solana, Polygon, Arbitrum, Flow, BNB, and Panimi followed afterward.
Other Records of NFT trading added by Coingecko includes a decrease in NFT trading volume on Solana from $76 million in December 2022 to $25.5 million in March 2023; an increase in NFT trading volume on Polygon from $10.3 million in January 2023 to $84.2 million in February 2023, but down to $15.3 million in March.
Blur over Opensea
With a combined trading volume of over $1 billion in February and March 2023, Blur NFT Marketplace beat “the king of marketplaces”, Opensea. Although records have it that the new marketplace first surpassed Opensea in December 2022 when it launched the third round of its airdrop.
Blur has also dominated, in terms of trading volume, the NFT marketplace in the last six months starting from October 2022 till March 2023. On the other side, Opensea plunged from 29.3% to 21.7% over the same period. After Blur and Opensea, X2Y2, Magic Eden, and Lookrare are next on the list of the top NFT marketplaces from October 2022 till March 2023.
Coingecko also noted the success of the Bitcoin ordinals. Ordinals, created by Bitcoin developer Casey Rodarmor, is a new type of non-fungible token (NFT) native to Bitcoin.
A Galaxy Research report predicts that these NFTs will have a market size of $4.5 billion by 2025. Digital artifacts are created on-chain and are more complex than traditional NFTs, showing that Bitcoin can be more than digital gold and censorship-resistant digital money.
From its inception, more than 663,000 Bitcoin Ordinals have been minted. According to Coingecko, projects such as Yuga Labs and Magic Eden have created Ordinal projects which have also driven growth in the Bitcoin NFT ecosystem.
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