As Bitcoin drops for the fourth consecutive day, non-fungible tokens (NFTs) have surprisingly had their best quarter since early 2023.
NFTs witnessed their best quarter in Q2 with a 28% increase in sales count, reaching levels last seen in Q1 2023. In a recent research report, analysts at DappRadar revealed NFTs recorded $4 billion in trading volume in Q2, marking a 3.7% rise compared to Q4 2023.
DappRadar’s blockchain analyst Sara Gherghelas noted that Blur holds 31% market dominance, though the platform’s dominance is down by 50% from 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, finding success with Ordinals — NFTs built on the Bitcoin network. Its dominance increased from 17% to 22%. OpenSea ranks third in dominance, and Gherghelas notes it leads as the most dominant NFT marketplace by sales with a 12% market share.
While the exact factors driving the uptick in trading volume among NFT speculators are unclear, DappRadar states the positive impulse in the web3 industry “remains strong.” They add that investors still show sustained enthusiasm and potential for further advancements.
