As Bitcoin continues to decline for the fourth consecutive day, the world of non-fungible tokens (NFTs), once declared lifeless, has surprisingly flourished and achieved its most successful quarter since early 2023.
NFTs experienced a significant boom in Q2, with the digital collectibles market witnessing a notable 28% surge in sales, reaching levels not seen since Q1 2023. In a recent study published by analysts at DappRadar, it was revealed that NFTs generated a total trading volume of $4 billion in Q2, marking a 3.7% increase compared to Q4 2023.
According to Sara Gherghelas, a blockchain analyst at DappRadar, Blur continues to maintain its stronghold with a 31% market share, despite witnessing a 50% decline in dominance from the previous quarter. Following closely in second place, Magic Eden has achieved success with Ordinals, non-fungible tokens operating on the Bitcoin network, increasing its market dominance from 17% to 22%.
OpenSea secures the third position in terms of dominance, with Gherghelas highlighting that the platform “stands out as the leading NFT marketplace based on sales, holding a 12% market share.”
The reasons behind the surge in trading volume among NFT enthusiasts remain unclear, but DappRadar suggests that the positive momentum in the web3 industry continues to strengthen. They further point out that investors continue to exhibit enduring enthusiasm and optimism for future developments.
For more information on the topic, Paris Match is currently auctioning NFTs to commemorate the magazine’s 75th year anniversary.