- Ethereum’s NFT marketplace only hit $568 million in transactions.
- Stellar performance by Blur’s lending protocol, Blend, boosts the NFT loan market to $114M.
- The NFT loan market saw an uptick, with total volume hitting $114M.
According to Colin Wu, a Chinese reporter, July saw the Ethereum NFT market in a surprising slump. His analysis shows that Ethereum’s NFT marketplace only hit $568 million in transactions, marking the lowest point since November last year. Moreover, the number of unique addresses for Ethereum NFT transactions nosedived to 107,000, marking a two-year low. Even the leading platform, OpenSea, saw a decline, with its monthly transactions dropping to 64,600 independent addresses.
The total transaction volume of the Ethereum NFT Marketplace in July was $568 million, the lowest since November last year. In July, the number of independent addresses for Ethereum NFT transactions was 107,000, the lowest point in the past two years. The number of independent…
— Wu Blockchain (@WuBlockchain) August 2, 2023
Despite these initial setbacks, Ethereum’s NFT market rebounded last week. The transaction volume skyrocketed to an astonishing $19.6 million, underpinned by 18,800 trades. Hence, leading platforms Blur and OpenSea reportedly took the reigns, while Zora celebrated surpassing a milestone of 100,000 users.
Significantly, Blur led the pack with an incredible $15.2 million in weekly sales, representing a staggering 77.5% of the total weekly NFT volume on Ethereum. This demonstrates Blur’s magnetic pull for NFT enthusiasts and collectors. However, OpenSea wasn’t far behind, boasting 10,000 transactions, a noteworthy 53.5% of total weekly trades. Despite stiff competition, OpenSea remains the platform of choice for NFT trading.
Further analysis revealed that Blur’s average sale price was $1,996 per trade, dwarfing OpenSea’s average of $362. Consequently, this means that Blur’s average NFT sale was a whopping 5.5 times higher than OpenSea’s, signifying Blur’s emphasis on high-value NFT assets.
The NFT loan market also saw an uptick, with total volume hitting $114 million from 2,657 unique users. Blur’s NFT lending protocol, Blend, contributed 92.8% of this volume. Blend alone recorded an impressive $106 million weekly volume, with 2,190 unique users.
Additionally, according to data from Dune Analytics, the leading NFT marketplace OpenSea has witnessed a significant decline in monthly sales volume for Ethereum and Polygon-based NFTs, reaching its lowest point as July ends. The information revealed that in February, the marketplace saw an impressive peak of $659.02 million in monthly sales for Ethereum-minted NFTs, but since then, the sales have experienced a notable downturn.
