Ethereum continues to dominate the NFT market with nearly $4 billion USD in 30-day sale volume. Even despite complaints of fees, Ethereum continues to increase its market share. They’ve increased the volume by nearly 50%, according to CryptoSlam!
This comes as the entire NFT ecosystem reapproaches 1 Trillion in monthly volume across all chains.
Ethereum continues to dominate the NFT market with nearly $4 billion USD in 30-day sale volume.
“Our CryptoSlam NFT Global Sales Index is showing a steady upward trend in unique buyers and overall sales.
Unique buyers are at all-time highs, reaching 895K in January alone,” stated CryptoSlam! Team.
Diving further into the data, it is apparent that Avalanche NFTs have been the hottest this month, with a near 200% increase. While NFTs are not as hot as they have been, data shows that the demand is picking back up.
JP Morgan has pointed out an increased interest in Solana, but data shows AVAX and ETH have been hotter topics this month. Overall this data is bullish for all NFT market ecosystems as they are back on the rise.
However, the competition in the sector is heating up, with new entrants hot on OpenSea‘s heels.
According to Dune Analytics, one such rival is LooksRare. A new NFT market launched earlier this month, which is already beating OpenSea in terms of trading volumes.
To conclude, it remains to be seen how this competition plays out in the long term. Early reports indicate that LooksRare is brimming with wash trading to manipulate the platform’s token-based rewards systems.
