A new report from DappRadar shows that non-fungible tokens (NFTs) have had their best quarterly success since early 2023. This is very different from the recent drop in Bitcoin prices.
Digital collectibles sales went through a huge 28% jump in the second quarter of 2024, hitting levels not seen since the first quarter of 2023. In their most recent report, DappRadar’s analysts said that trading in NFTs went through the roof, reaching $4 billion in Q2. The last quarter of 2023 saw a 3.7% rise in this amount.
A blockchain expert at DappRadar named Sara Gherghelas gave a talk about how the world of NFTs is changing. Blur was still in first place with a strong 31% share, even though it had lost 50% of its market share in the last quarter.
On the other hand, Ordinals, a group of NFTs that work on the Bitcoin network, helped Magic Eden move up from 17% to 22%, putting it in second place. OpenSea came in third place for control, but Gherghelas said that it is the market winner because it has the most NFT sales (12%).
“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
Investors and Experts Ponder NFT Surge Amid Bitcoin Volatility
This sudden rise in the number of NFT deals has made experts in the field try to figure out what’s behind it. What caused it is still unknown, but DappRadar said that the web3 business has a lot of good feelings that won’t go away. This shows that there is still a lot of room for progress and market growth in the future. Investors are still very excited.
Bitcoin prices are still very unstable, but the NFT market’s strength and growth in Q2 2024 show that more people are interested in digital goods and assets built on blockchain. This trend shows that people who own digital assets are trying to share their bets. It also shows that NFTs are becoming more useful and accepted around the world.
