Nfts
NFT Market Had Its Best Quarter Since Early 2023, According to DappRadar
As Bitcoin fell for the fourth straight day, non-fungible tokens (NFTs), once considered dead, surprisingly had their best quarter since early 2023.
Non-fungible tokens (NFT) had their best quarter ever in the second quarter, with the digital collectibles sector seeing a 28% increase in sales, reaching levels last seen in the first quarter of 2023. In a recent study reportanalysts of DappRadar revealed that NFTs recorded $4 billion in trading volume in the second quarter, marking a 3.7% increase from Q4 2023.
According to Sara Gherghelas, blockchain analyst at DappRadar, To fall out remains the dominant force with 31% market dominance, although the platform has lost 50% of its dominance since last quarter.
“Blockchain gaming continues to dominate the decentralized application industry, although its share slightly decreased by 2% compared to the last quarter, similar to the DeFi sector. In contrast, the NFT and social sectors both increased their market dominance, emerging as the top trends for Q2 2024.”
Sara Gherghelas
Magical Eden follows in second place, enjoying success with Ordinals — non-fungible tokens built on the Bitcoin network — and increasing its dominance from 17% to 22%. OpenSea ranks third in terms of dominance, although Gherghelas notes that the marketplace “is the most dominant NFT marketplace in terms of sales with 12% market share.”
While it’s unclear what exactly has driven the surge in trading volume among NFT speculators, DappRadar says the positive momentum in the web3 industry “remains strong,” adding that investors continue to show continued enthusiasm and potential for further progress.