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NFT market erupts with $2 billion trading volume in February: Report

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The Non-Fungible Token [NFT] market continued to show vigorous growth and attracted a wider range of collectors. The ecosystem saw a substantial increase in trading volume in February, a new report from DappRadar revealed.

According to the report, NFT sales volume in February climbed to a high of $2 billion for the first time since May 2022. DappRadar noted that the growth was primarily driven by Blur [BLUR], a popular NFT project that saw $1.2 billion in trading volume alone, representing a 117% increase in trading volume from the previous month.Source: DappRadar While Ethereum [ETH] maintained its dominance in the NFT market with a total sales volume of $1.6 billion in February, DappRadar found that trading volume on Polygon [MATIC] grew by a whopping 147% within the 28-day period.

Data from Dune Analytics revealed that collectors on OpenSea traded Polygon-based NFTs worth $109 million in February, causing the monthly sales volume to rally to an all-time high.Source: Dune Analytics Sales volume for Ethereum-based NFTs also jumped to the highest level since the year began.

Per Dune Analytics, the monthly sales volume totaled $647 million, a 45% rally from the $446 million recorded in January.Source: Dune Analytics The jump in the sale of Polygon-minted NFTs on OpenSea was due partly to the rise in the number of traders.

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