November Boom: NFT Trading Volume Exceeds $600 Million

November Boom: NFT Trading Volume Exceeds $600 Million

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Author: James Soplin
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November Boom: NFT Trading Volume Exceeds $600 Million

Blur Marketplace solidifies its position, capturing almost 69% of NFT trading volume in November. The article examines the impact of this rising leader on the industry, while OpenSea loses ground to its competitor.


 

In November, the trading volume for Non-Fungible Tokens (NFTs) reached over $600 million, marking the highest level since June 2023, as reported by The Block. Among the major NFT trading platforms, Blur maintained its lead, accounting for nearly 69% of the total trading volume, while OpenSea, the former industry leader, now represents only 23%.

Despite the notable growth in trading volumes, the prices of popular NFT collections are not keeping pace with the broader cryptocurrency market dynamics. Ethereum (ETH) has seen a 70% price increase since the beginning of the year, whereas the price index for the top 500 NFT projects, tracked by the analytical platform Nansen, declined by 16% in US dollars or 50% when measured in ETH during the same period.

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In early November, OpenSea's valuation dropped from $13.3 billion to $1.4 billion after one of its major investors, Coatue Management, revalued its stake in the platform. During November, OpenSea's trading volume decreased by over 97% from its peak, while the Blur marketplace demonstrated nearly triple the trading volume.

The Blur token (BLUR) experienced a growth of 120% since the beginning of November, reaching a peak growth rate exceeding 200%. Additionally, Blur distributed another airdrop to users and announced the launch of its own layer 2 blockchain called Blast on November 20.

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