NFTs
NFT Market Had Its Best Quarter Since Early 2023, Says DappRadar
With Bitcoin falling for the fourth day in a row, non-fungible tokens (NFTs), once thought to be dead, surprisingly had their best quarter since early 2023.
Non-fungible tokens (NFTs) witnessed their best quarter ever in Q2 as the digital collectibles sector saw a 28% increase in sales count, reaching levels last seen in Q1 2023. In a recent survey reportanalysts in Dapp Radar revealed that NFTs recorded $4 billion in trading volume in Q2, marking a 3.7% increase compared to Q4 2023.
According to Sara Gherghelas, blockchain analyst at DappRadar, Blur remains the dominant force with 31% market dominance, although the platform has lost 50% of its dominance since the last quarter.
“Blockchain gaming continues to dominate the dapp industry, although its share has slightly decreased by 2% from the last quarter, similar to the DeFi sector. In contrast, NFT and social sectors have increased their market dominance, emerging as the top trends for Q2 2024.”
Sara Gherghelas
Magical Eden follows in second place, experiencing success with Ordinals — non-fungible tokens created on the Bitcoin network — and increasing its dominance from 17% to 22%. Open sea ranks third in terms of dominance, although Gherghelas notes that the marketplace “leads as the most dominant NFT marketplace by sales, with 12% market share.”
While it is unclear what has driven the momentum in trading volume among NFT speculators, DappRadar says positive momentum in the web3 industry “remains strong,” adding that investors still demonstrate sustained enthusiasm and potential for further advancements.