NFT market had its best quarter since early 2023, DappRadar says

As Bitcoin drops for the fourth consecutive day, non-fungible tokens (NFTs), once thought to be dead, have surprisingly had their best quarter since early 2023.

Non-fungible tokens (NFTs) witnessed their best quarter in Q2 as the sector of digital collectibles saw a 28% increase in sales count, reaching levels last seen in Q1 2023. In a recent research report, analysts at DappRadar revealed that NFTs recorded $4 billion in trading volume in Q2, marking a 3.7% increase compared to Q4 2023.

According to DappRadar’s blockchain analyst Sara Gherghelas, Blur remains the dominant force with 31% market dominance, though the platform lost 50% of its dominance since the last quarter.

“Blockchain gaming continues to dominate the dapp industry, although its share has slightly decreased by 2% from the last quarter, similar to the DeFi sector. In contrast, the NFT and social sectors have both increased their market dominance, emerging as the leading trends of Q2 2024.”

Sara Gherghelas

Magic Eden follows in second place, experiencing success with Ordinals — non-fungible tokens built on the Bitcoin network — and increasing its dominance from 17% to 22%. OpenSea ranks third in terms of dominance, though Gherghelas notes that the marketplace “leads as the most dominant NFT marketplace by sales with 12% market share.”

While it’s unclear what drove the momentum in trading volume among NFT speculators, DappRadar says the positive impulse in the web3 industry “remains strong,” adding that investors still demonstrate sustained enthusiasm and potential for further advancements.