crypto.news
As Bitcoin drops for the fourth consecutive day, non-fungible tokens (NFTs), once thought to be dead, have surprisingly had their best quarter since early 2023.
Non-fungible tokens (NFTs) witnessed their best quarter in Q2 as the sector of digital collectibles saw a 28% increase in sales count, reaching levels last seen in Q1 2023. In a recent research report, analysts at DappRadar revealed that NFTs recorded $4 billion in trading volume in Q2, marking a 3.7% increase compared to Q4 2023.
$NFT market had its best quarter since early 2023, DappRadar says - 1"> According to DappRadar’s blockchain analyst Sara Gherghelas, Blur remains the dominant force with 31% market dominance, though the platform lost 50% of its dominance since the last quarter.
“Blockchain gaming continues to dominate the dapp industry, although its share has slightly decreased by 2% from the last quarter, similar to the DeFi sector. In contrast, the $NFT and social sectors have both increased their market dominance, emerging as the leading trends of Q2 2024.”
Sara Gherghelas
Magic Eden follows in second place, experiencing 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, though Gherghelas notes that the marketplace “leads as the most dominant $NFT marketplace by sales with 12% market share.”
While it’s unclear what drove the momentum in trading volume among $NFT speculators, DappRadar says the positive impulse in the web3 industry “remains strong,” adding that investors still demonstrate sustained enthusiasm and potential for further advancements.