NFTs Record Best Quarter Since Early 2023 as Bitcoin Drops for Fourth Consecutive Day

Non-fungible tokens (NFTs), once thought to be dead, have surprisingly had their best quarter since early 2023.

Despite Bitcoin's continuous decline for the fourth day in a row, non-fungible tokens (NFTs), which were once believed to be fading away, have experienced their best quarter since early 2023.

The first half of 2024 saw a sales increase of 28% for NFTs, reaching levels last seen in Q1 2023. Non-fungible tokens had their best quarter in Q2. According to a recent research analysis by DappRadar, NFTs generated $4 billion in trading volume in Q2, a 3.7% increase over Q4 2023.

Blur continues to be the dominant force with 31% market dominance, despite losing 50% of its dominance since the last quarter, according to Sara Gherghelas, a blockchain analyst at DappRadar.

“Even though its part decreased slightly by 2% from the last quarter, blockchain gaming continues to control the dapp sector, much like the DeFi sector. In contrast, both the NFT and social sectors increased their market dominance, emerging as the leading trends of Q2 2024.”

Sara Gherghelas

Magic Eden comes in second place 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.

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