As bitcoin falls for a fourth consecutive day, non-fungible tokens (nfts), once thought dead, have surprisingly had their best quarter since early 2023.
Non-fungible tokens (nfts) experienced their best quarter ever in Q2 as the digital collectibles sector saw a 28% increase in sales count, reaching levels last seen in Q1 2023. In a recent research reportDappRadar analysts revealed that nfts recorded $4 billion in trading volume in Q2, marking a 3.7% increase compared to Q4 2023.
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According to DappRadar blockchain analyst Sara Gherghelas, Blur remains the dominant force with 31% market share, although the platform has lost 50% of its dominance since last quarter.
“Blockchain gaming continues to dominate the dapp industry, although its share has slightly decreased by 2% compared to the last quarter, similar to the DeFi sector. In contrast, the nft and social sectors have increased their market dominance and are emerging as the top trends for Q2 2024.”
Sara Gerghelas
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Magic Eden comes in second, having experienced success with Ordinals (non-fungible tokens created on the bitcoin network) and increasing its dominance from 17% to 22%. OpenSea comes in third in terms of dominance, though Gherghelas notes that the marketplace “leads as the most dominant nft marketplace by sales with a 12% market share.”
While it’s unclear what drove the surge in trading volume among nft speculators, DappRadar says positive momentum in the web3 industry “remains strong,” adding that investors are still demonstrating sustained enthusiasm and potential for further advancements.
