NFT trading volumes hit May levels last year

Trading activity in the Ethereum-based NFT segment reached a level last seen in May of last year.

The chart below shows that the spike in trading volumes in recent months has largely come at the expense of competitor OpenSea — the Blur marketplace.

The launch of the native token and прочие инициативы created “a potent cocktail” for growth in activity in the segment, noted The Block Research analyst Tomasz Bialek. The revival of the segment could also be helped by expectations of potential аирдропов, as well as an increase in overall market liquidity, and trading volumes in cryptocurrencies since the start of the year.

“It seems that this fierce competition among NFT marketplaces will intensify in the near future,” said Bialek.

In his view, the new leader of the segment still has to prove the “viability of its approach,” and OpenSea must find an effective response.

In February, Blur rose to the lead in trading volume, and the project’s head, known in the community as Pacman, revealed his identity amid the sharp rise in interest in NFT marketplaces.