NFT Update: NFT Market Hits 3-Month High in Daily Trades for Second Consecutive Day
In the past week, Blur NFT marketplace saw an impressive $400M in weekly volume from 341K trades. BendDAO is also experiencing significant growth since the beginning of 2023
The NFT market is currently bullish, with strong daily trades and consistent daily trading volume of at least $50M since the launch of $BLUR on February 15th.
BendDAO's deposit and borrow total value locked currently stands at over 147.5K ETH, and its collateral holds 516 BAYCs, 518 MAYCs, and 368 Azuki NFTs.
The NFT market continues to see a surge in daily trades, hitting a 3-month high for the second consecutive day, with 125,814 trades in the past 24 hours. This bullish trend is expected to continue as the market has witnessed 19 consecutive days with at least $50M traded every day since the launch of $BLUR on February 15th.
In the past week, Blur NFT marketplace saw an impressive $400M in weekly volume from 341K trades, with an average of $1,176 per trade. OpenSea followed second with $74.8M from 235K trades, with an average trade of only $318, representing about a quarter of Blur's average trade value.
Moreover, the NFT lending ecosystem keeps expanding, with BendDAO, NFTfi, Arcade, and X2Y2 seeing a total of $23.5M in borrow volume in the past week. BendDAO's deposit and borrow total value locked currently stands at over 147.5K ETH, and its collateral holds 516 BAYCs, 518 MAYCs, and 368 Azuki NFTs. This represents over 30% growth in comparison to the beginning of 2023 (31%, 40%, and 36.9% respectively vs 01/01/2023).
In terms of blockchain activity, to date, the Bitcoin blockchain saw a total of 317,035 Ordinals inscriptions, paying 67.0924 BTC in network fees (~$1,502,594.95). This highlights the growing importance of NFTs as a valuable asset class, with users willing to pay high fees to secure their transactions.
That's all for now. Stay tuned for our next newsletter, where we will bring you more exciting updates from the NFT market.
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