- Ethereum NFT market experienced a record trading volume of $2.5Bn in February, driven by the launch of $BLUR on the Blur platform.
- The average trade value and monthly volume traded per user were higher in February compared to recent months, indicating growing interest in NFTs among the community.
- The success of $BLUR highlights the impact that new NFT projects and platforms can have on market activity and user engagement.
During February, the Ethereum NFT market had a significant increase in traded volume, with a total of $2,487,837,067 made in 2,190,642 trades by 347,236 users. This represents a 200% increase compared to January of 2023 and the biggest monthly volume seen since May of 2022.
The average trade value in February was $1,136, and the average user traded a monthly total of $7,165 in volume, which is the highest since May of 2022. The average number of trades per user was 6.31, which is the highest since March 2022.
The majority of February’s trading volume can be attributed to Blur, which launched $BLUR on February 14th. The daily volume on the Blur NFT marketplace has surpassed $47M, peaking at $114M on February 22nd. In the past week, the weekly volume reached $536M.
As for Ordinals inscriptions, the Bitcoin NFTs, there were a total of 236,205 inscriptions to date. During February, 71.6% of inscriptions were images, and 27.6% were text. The average number of daily inscriptions was 7,791. During February, 8.8% of the inscriptions paid a fee larger than 25 Sat/vB.
Overall, February was a significant month for the Ethereum NFT market, with a surge in trading volume driven by the launch of $BLUR on the Blur platform. The average trade value and the average monthly volume traded per user also increased significantly compared to recent months, indicating a growing interest in NFTs among the community.
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