Data from The Block suggests that the lull in NFT activity is ending, as the weekly trading level on Ethereum hit its highest point since May last week.
According to Dune’s data, the rise in activity on NFT marketplace Blur, which has surpassed rival OpenSea, has led to the surge in trading volumes.
Thomas Bialek, an analyst at The Block Research, attributes the resurgence in NFT trading activity to the launch of Blur’s native token and ongoing token incentives, calling it a “powerful cocktail.”
The possible effect of upcoming airdrops and the overall increase in market liquidity with higher crypto trading volumes since the beginning of the year might also be contributing to the rise in NFT trading activity.
Two NFT holders from Degenz Finance trading firm sold their Bored Ape Yacht Club collection for over 6,000 ETH (worth USD 10 million) on Blur last week. They were careful not to impact the market and seized the opportunity presented by the surge in Blur trading activity.
Other categories of NFTs also saw an increase in trading activity, with sales of Ethereum art and collectibles reaching their highest volume since August 2021. However, despite the rise in monthly transaction volume, the number of monthly trades and traders has decreased.