Last Updated on March 1, 2023
- The NFT market experienced a surge in sales and volume, with over 106K sales recorded and 70K ETH traded by 26K users, reaching a 90-day high in both sales per user and volume per user.
- Doodles saw an increase in traded volume with a total of 14.8K ETH (~$25M) recorded in the past 7 days. Doodles recently announced the acquisition of Golden Wolf, which also contributed to the increased market activity.
- The Ethereum NFT market saw a rise in suspected wash trading in the past week, with a total of $123M suspected as wash traded from 6,784 trades. This may be a cause for concern as it could lead to market manipulation.
Yesterday, the NFT market saw a significant surge in sales, with over 106K sales recorded, surpassing the previous 90-day high. A total of 26,707 users traded 70,236 ETH, which translates to about $4,470 worth of volume per user. Sales per user and volume per user both hit a 90-day high, indicating increased market activity.
Speaking of marketplaces, the Blur NFT marketplace has been gaining market share since the launch of $BLUR on February 14th. On February 16th, it recorded a whopping 57.3% of the total sales, 83.2% of the total volume, and 40.2% of the total unique users. This surge in activity can be attributed to the launch of $BLUR.
Doodles, the popular NFT project, also saw a significant increase in traded volume. In the past 7 days, it recorded a total of 14.8K ETH (~$25M) in traded volume on OpenSea, with 4.3K ETH made in 718 sales on February 19th alone.
On January 23rd, it was announced that Doodles had acquired animation studio Golden Wolf, which has worked on popular animated shows such as Rick & Morty and has partnered with Disney.
However, the Ethereum NFT market also saw a rise in suspected wash trading over the past week. A total of $123M was suspected as wash traded from 6,784 trades, while the previous week saw $124M from 5,738 trades. This development is a cause for concern as it may result in market manipulation.
In other news, on February 18th, a batch of 59 Mutant Ape Yacht Club (MAYC) NFTs was withdrawn from the BendDAO collateral, after seeing an all-time high of MAYCs on February 13th, with 574 NFTs.
Currently, the BendDAO collateral holds a variety of NFTs including 489 BAYCs, 372 Azukis, 156 CloneXs, 86 Doodles, and 73 Cryptopunks, among others, with a total of 156K ETH in deposited and borrowed TVL.
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