Ethereum NFT monthly sales climb to 10-month high – What now?

• Monthly NFT sales on Ethereum have reached a 10-month high.
• The general NFT market capitalization has risen by double digits in the last month.

The monthly sales of non-fungible tokens (NFTs) on the Ethereum [ETH] network have reached their highest in ten months, surpassing $430 million, according to data from CryptoSlam. 

In the last 23 days, NFT sales volume on the Proof-of-Stake network totaled $433 million, marking a 22% uptick from the $355 million recorded sales volume in January.

According to the data provider, the last time NFT monthly sales volume on the Ethereum network exceeded $400 million was in April 2023.

Source: CryptoSlam

The sales volume registered so far this month has been recorded from 677,456 total transactions, completed between 98,000 unique sellers and 118,371 unique buyers. 

Interestingly, the total NFT transactions count recorded in the last 23 days represented a 27% drop from the 929,155 total transactions completed in January.

Despite this, and with five days till the month ends, February’s sales volume has exceeded January’s by double digits, on-chain data revealed. 

Blur takes charge

Blur [BLUR] has seen the highest trading activity of all existing NFT marketplaces in the last 30 days.

According to DappRadar, the  NFT marketplace and aggregator continues to maintain its spot as the leading protocol in terms of sales volume despite the double-digit decline logged in the last month. 

AMBCrypto found that the trading volume on the platform totaled $601 million in the last 30 days, plummeting by 21%. This occurred despite the 6% growth in NFT transactions count and a 14% growth in the number of traders that used the protocol.

While leading NFT marketplace OpenSea saw its trading volume rise by 5% during the period under review, its sales volume fell behind Blur’s by 83%. According to DappRadar, OpenSea’s NFT sales volume in the last month was $105 million. 

State of the general market

Regarding how the general NFT ecosystem has fared in the last month, the value of highly rated collections tracked by the Blue Chip Index has surged. 

According to NFTGo, this 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 press time, the Blue Chip Index has increased by 16% since the year began.

Source: NFTGo

An assessment of how all NFT collections fared revealed a 6% drop in sales volume in the last month. However, despite this, the general NFT market capitalization has grown by 17% during that period, per NFTGo data.