NFT Market Sees Surge in Sales and Volume as $BLUR Goes Live

The NFT market saw a surge in sales and volume, reaching a 90-day high. This was attributed to the launch of $BLUR, which has seen a rise in market share. Doodles also saw increased market activity due to a recent acquisition. However, there were concerns over suspected wash trading in the Ethereum NFT market.

Last Updated on March 1, 2023

  1. 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.
  2. 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.
  3. 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.

Daily NFT Market Volume. Source: Dune/hildobby

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.

Doodles 7-Day volume and sales. Source: OpenSea

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.

NFT Trading Volume. Source: Dune/hildobby

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.

Bend Collateral Count. Source: Dune/cgq0123

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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