The NFT market is showing signs of revival over the past month, with the majority of trading volume pouring into Blur. According to data from The Block, NFT trading volume on the Ethereum network in November reached $605 million, nearly double the previous month.
Within the first 4 days of December, NFT trading volume was nearly $90 million, and Blur accounted for nearly $70 million of this. Since February this year, the NFT landscape has completely changed. Blur is gradually surpassing OpenSea, holding the majority of trading volume on Ethereum (80%), while OpenSea only accounts for 17%.
At the same time, NFT activities on Solana have also seen a marked increase, with daily volumes rising steadily throughout November. The total trading volume on Solana-based NFT markets has exceeded $9.3 million, the highest level since April this year. Trensor is the most popular platform on Solana, with more than $5 million in daily trades.
Launched in October 2022, Blur aims at professional NFT traders, and it seems to have been successful with this strategy. Contrary to Blur’s outstanding achievements, OpenSea has struggled in recent times. As its competitor dominates most of trading volume, OpenSea has laid off 50% of its staff, its valuation is said to have decreased by up to 90%, from $13.3 billion to $1.3 billion.