**NFT Trading Volume Hits Record High in November**
The NFT market has experienced a surge in activity, particularly on the Blur marketplace, with the trading volume reaching unprecedented levels in November. According to The Block’s Data Dashboard, the Ethereum-based NFT trading volume in November amounted to a staggering $605 million, a significant increase from the $306 million recorded in October.
**December Sees Continued Momentum**
The momentum has carried into December, with the NFT trading volume already reaching nearly $90 million within the first four days of the month. The majority of this volume, approximately $70 million, has been attributed to transactions on the Blur NFT marketplace.
**Shift from OpenSea**
Over the course of the year, there has been a noticeable shift in market share from OpenSea to Blur, with the latter now commanding almost 80% of the total trading volume in the Ethereum-based NFT market. Conversely, OpenSea, which was once dominant, now holds a mere 17% of the NFT trading volume.
**Uptick in Solana-based NFT Trading**
In addition to the surge in Ethereum-based NFT trading, there has also been an increase in trading on Solana-based NFT marketplaces. Throughout November and into December, daily volumes have been on the rise, with total trading volume across Solana-based NFT markets reaching $9.3 million on November 30, the highest level since April.
**Blur: A Game-Changer in the NFT Market**
Blur, launched in October 2022, has quickly emerged as a zero-fee NFT marketplace that caters to the needs of professional NFT traders. Its user-friendly interface and attractive fee structure have contributed to its rapid ascension in the NFT market.
**The Influence of Larry Cermak**
It’s worth noting that Larry Cermak, CEO of The Block, is an angel investor in Blur. His involvement may have played a part in the marketplace’s rapid growth and increasing influence in the NFT trading landscape.
**Conclusion**
The NFT market has experienced an unprecedented surge in trading volume, particularly on the Blur marketplace. With Ethereum-based NFT trading reaching record highs in November and continuing momentum in December, coupled with the notable shift from OpenSea to Blur, the NFT market is undergoing a significant transformation. Additionally, the uptick in Solana-based NFT trading further highlights the dynamism and evolution of the NFT space. As the market continues to evolve, it will be intriguing to see how these developments shape the future of NFT trading.
I have been writing about crypto for over two years. I have a vast amount of experience in the industry and my work has been featured on some of the biggest publications in the space.
