What is the Total NFT Trading Volume?
The total NFT trading volume of the top 6 NFT marketplaces was $1.89 billion in February 2023. This is the fourth consecutive month with the total NFT trading volume on an uptrend, increasing 91.9% month-on-month (MoM) from January 2023, which saw only $987.9 million worth of NFTs being traded. This is a reversal of the previous six months’ decline, and signals that NFTs are enjoying some recovery, amid innovations including Blur’s trader-centric model and open edition NFTs.
In spite of this comeback, total NFT trading volume is still far below its 2022-highs during its previous NFT bull run, representing a 67.3% drawdown from the all-year high of $5.79 billion in January 2022.
Total NFT Trading Volume, by Month
| Month | Total NFT Trading Volume (USD) | MoM % |
|---|---|---|
| Jan-22 | $5.8B | - |
| Feb-22 | $4.0B | -30.9% |
| Mar-22 | $3.1B | -23.6% |
| Apr-22 | $4.5B | 47.2% |
| May-22 | $3.6B | -20.4% |
| Jun-22 | $1.0B | -71.8% |
| Jul-22 | $736.4M | -27.1% |
| Aug-22 | $680.9M | -7.5% |
| Sep-22 | $583.6M | -14.3% |
| Oct-22 | $545.3M | -6.6% |
| Nov-22 | $573.0M | 5.1% |
| Dec-22 | $872.1M | 52.2% |
| Jan-23 | $987.9M | 13.3% |
| Feb-23 | $1.9B | 91.9% |
Blur Accounted for 57% of Total NFT Trading Volume in February 2023
New marketplace Blur accounted for 56.8% of total trading volume in February 2023, equivalent to $1.1 billion in volume. Comparing this against OpenSea’s $691.3 million in trading volume in the same month, Blur has successfully flipped the former market leader in terms of market share (36.5%).
Blur aside, OpenSea’s total NFT trading volume has also managed to bounce back, with total trading volumes increasing substantially MoM – 58.4% in January 2023, and 68.4% in February 2023.
Overall, the NFT market shows signs of recovery with trading volumes on the uptrend for four consecutive months, since November 2022.
Methodology
The study examined the total monthly trading volume on the top 6 NFT marketplaces using Footprint Analytics data from January 1, 2022 to February 28, 2023, and excludes wash trading. The top 6 NFT marketplaces are: Blur, OpenSea, Magic Eden, x2y2, CryptoPunks and LooksRare.
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Julia Ng
Julia leads Growth at CoinGecko and is passionate about onboarding more women onto Web3. That said, she is generally poor at timing the market, so she DCAs for safety. Follow the author on Twitter @ngxinyajulia
