25 February, 2024

Analyst Reveals Shifts in Ethereum’s NFT and Staking Markets

7 months ago

21 Nov, 2023

  • 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.

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.