NFT
International non-fungible token (NFT) gross sales surged by 159% over the seven days from Feb. 17 to Feb. 23, with rising NFT market Blur’s rewards showing to proceed driving many of the motion throughout the sector.
Whole weekly NFT gross sales elevated to US$772 million within the seven days from US$299 million within the earlier week, in line with knowledge from NFT aggregation website CryptoSlam.
The typical value of the property bought on Tuesday elevated to US$566.43, greater than 3 times larger than US$175.57 on Feb. 14.
“Blur rewards are nonetheless driving many of the motion throughout the NFT area as Season 2 of Blur farming has now opened up,” mentioned Yehudah Petscher, NFT relations strategist of Cryptoslam.
On Feb. 14, Blur launched and airdropped its Blur tokens. On Wednesday, it that it’s going to distribute one other 300 million Blur tokens. The cryptocurrency was buying and selling at US$0.94 at 3 p.m. in Hong Kong on Friday, in line with CoinMarketCap knowledge.
Over the previous seven days, the Blur NFT market recorded US$652.28 million in buying and selling quantity, greater than 4 occasions larger than market chief OpenSea’s US$150.66 million, DappRadar knowledge confirmed.
Petscher mentioned that Blur’s reward system has been the speak of the city, however “it’s actually the mechanics of the location which are noteworthy.”
“The supply and bid system permits for a gamified tug of conflict that, mixed with excessive buying and selling quantity, can result in value stability,” Petscher mentioned. “Two days in the past, we noticed a sale of 71 Bored Apes for over 5,500 ETH (US$9 million), and witnessed the ground value of the gathering stay steady.”
Petscher add that this all hinges on merchants remaining lively with bids and affords, however “if the mixture of Blur rewards with low or no charges stays, this has the potential to vary how merchants play NFTs.”
Additionally this week, Petscher mentioned that the spikes in Ethereum transactions have been additionally value noting. “Extra important than common gross sales although is the variety of transactions we’re seeing on Ethereum each final month and now this February.”
Between Feb. 1 and Feb. 23, the NFT gross sales quantity on Ethereum exceeded US$1.15 billion, surpassing the entire gross sales quantity of US$780 million for all the month of January, CryptoSlam knowledge confirmed.
On Wednesday, the single-day sum of NFT gross sales on Ethereum amounted to almost US$122.4 million, logging a brand new excessive since Could 2022.