Blur’s non-fungible token (NFT) marketplace has demonstrated its strength during the recent upswing in the NFT market by capturing nearly 80% of all trade volume. According to data from The Block, OpenSea’s market share has decreased to about 17%, indicating a dramatic divergence from its prior market dominance.

The NFT market experienced an unprecedented surge in trading activity in November, making it a crucial month. The monthly trading volume of Ethereum-based NFTs surged to $605 million, more than twice the $306 million recorded in October. This significant increase highlights the increasing momentum and interest in the NFT domain.

Blur’s Ascent to Glory: Steering the Wave in December

December saw much of the same, with NFT trade volume hitting nearly $90 million in the first four days of the month. Nearly $70 million, or the overwhelming bulk of this volume, comes from transactions that take place on the Blur NFT marketplace. Due to its outstanding performance, Blur will be leading the charge in determining how the NFT market develops in the final weeks of 2023.

Since February of this year, there has been a noticeable change in the characteristics of the NFT market. OpenSea has been losing ground as Blur has risen to prominence; at the moment, it only holds 17% of the NFT trade volume. This change demonstrates the NFT market’s dynamic character, where new platforms can quickly alter the terrain and take a sizable portion of the market.

NFTs Based in Solana: An Increase in Trading Volume

There has been a noticeable increase in trading on Solana-based NFT platforms outside of the Ethereum ecosystem. Throughout November, daily volumes increased steadily, reaching a total trading volume of $9.3 million on November 30. This number denotes a peak that hasn’t been seen since this past April. This increase was mostly due to Tensor, a well-known Solana-based marketplace that handled over $5 million in deals every day.

Blur’s leading position in the NFT market and the revival of Solana-based NFT trading highlight how dynamic the digital assets landscape is as the industry keeps changing. Investors, artists, and aficionados should keep an eye on this area because of the ongoing developments that will be fueled by rivalry and innovation.