According to Nansen Reports, NFT Trading Volume Increased by 230% in Q1.

The NFT market was analyzed by Nansen, a leading blockchain analytics firm, and the results suggested a resurgence in the sector in the first quarter of 2023. When examining the market performance in terms of trading volumes, the analysis revealed that sales increased by more than 230% when compared to the fourth quarter of 2022.

According to the report that was published by Nansen in 2022, the volume of sales of NFTs was 9,036,778 during the fourth quarter of 2022. These transactions involved more than 1.5 million ETH and had a value of more than $1.97 billion. In comparison, the first quarter of 2023 demonstrated a discernible increase in the volume of transactions, with the market volume reaching over 2.83 million ETH, which is equivalent to $4.54 billion.

The total number of non-fungible token transactions reached 11,498,022 in the first quarter of 2023, representing a volume increase of 230% compared to the fourth quarter of 2022. Despite the fact that the first quarter of 2023 showed a significant increase in sales volume compared to the fourth quarter of 2022, the data from Nansen indicates that April will be slow. The subsequent 30 days experienced a decrease in volume, generating approximately $1.2 billion after March’s stellar performance of $1.7 billion in deals completed. As shown in the following illustration, this pattern was still visible in the month of May.

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Data shows a decline in NFT volumes in April and May
Source: Nansen

The number of users has also slightly declined, with data for the past few weeks being lower than the previous year’s records. However, it is worth noting that Q1 recorded 13,999,528 users, a significant increase from Q4 2022, which had 11,233,872 users.

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A visualization of NFT sales and wallets between January 2022 and April 2023.
Source: Nansen

The final three months of 2022 saw OpenSea make a sizeable contribution to the NFT market with a volume of 219,992.50 ETH, which was equivalent to $272,415,866.4 USD, and a total of 1,413,780 NFTs sold on the platform.

OpenSea was the leading platform during the final three months of 2022, with 1,413,780 NFTs sold and 219,992.50 ETH in volume, which is equivalent to $272,415,866.4 in total value. Additionally, during the time period in question, LooksRare, Mint, CryptoPunks, and X2Y2 each recorded significant levels of sales activity.

With a sales volume of approximately 1.9 million ETH in the first quarter of 2023, Blur established itself as the dominant NFT marketplace, surpassing OpenSea’s volume of 661,547.79 ETH, which is equivalent to approximately $1.02 billion, from the sale of 3,727,299 NFTs.

Since its launch in October 2022, the NFT marketplace known as Blur has developed into a significant player in the industry. The Ethereum-based platform has processed over 2.93 million ETH worth of non-fungible token (NFT) sales, which is equivalent to over 2.93 billion USD. In addition, the platform was accountable for 1,999,688 of the total number of NFT sales that occurred during the quarter.

The continuous expansion of the NFT market is reflected in Blur’s rising sales volume. Traders and collectors are demonstrating an interest in investigating both well-established and newly developed platforms.

Compiled by Coinbold

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