- Monthly NFT sales on Ethereum have reached a 10-month high.
- The overall market cap of NFT has increased by double digits over the past month.
The monthly sales of non-fungible tokens (NFTs) on Ethereum [ETH] network have reached their highest point in ten months, at more than $430 million, according to data from CryptoSlam.
Over the past 23 days, NFT sales volume on the Proof-of-Stake Network reached $433 million, up 22% from the $355 million sales volume recorded in January.
According to the data provider, the last time monthly NFT sales volume on the Ethereum network exceeded $400 million was in April 2023.
Source: CryptoSlam
The sales volume recorded so far this month is 677,456 total transactions, completed between 98,000 unique sellers and 118,371 unique buyers.
Interestingly, the total number of NFT transactions recorded in the past 23 days represented a 27% decline from the 929,155 total transactions completed in January.
Despite this, and with five days left until the end of the month, February’s sales volume has surpassed January’s by double digits, chain data shows.
Blur takes control
Fade [BLUR] has seen the highest trading activity of any existing NFT marketplace in the past 30 days.
According to DappRadarthe NFT marketplace and aggregator continues to maintain its position as the leading protocol in terms of sales volume, despite last month’s double-digit decline.
AMBCrypto found that trading volume on the platform totaled $601 million over the past 30 days, down 21%. This happened despite 6% growth in the number of NFT transactions and 14% growth in the number of merchants using the protocol.
While leading NFT marketplace OpenSea saw its trading volume increase by 5% during the reporting period, its sales volume fell 83% behind Blur’s. According to DappRadar, OpenSea’s NFT sales volume last month was $105 million.
State of the general market
In terms of how the overall NFT ecosystem has performed over the past month, the value of highly valued collections tracked by the Blue Chip Index has soared.
According to NFTGothis metric tracks the performance of Blue Chip NFTs and is calculated by weighting the market capitalization of these NFTs to determine their performance. At 5832 ETH at the time of writing, the Blue Chip Index is up 16% since the start of the year.
Source: NFTGo
A review of the performance of all NFT collections found that sales volume was down 6% over the past month. Despite this, however, the overall market cap of NFT has grown by 17% over that period, according to NFTGo data.