December's NFT Market Sees Notable Surge with a 35% Increase in Volume

The NFT market witnessed a notable surge in its trading volume in December, escalating by an impressive 35% month-on-month. This increase brought the total trading volume to a staggering $682 million, up from November’s $505 million, with platforms like Blur rising to prominence and OpenSea continuing to lead in key areas.

Blur's Dominance

A key driver of this upsurge was Blur's continued dominance in the secondary market volume, recording a month-over-month trading volume increase of 50%. The platform has emerged as a central hub for NFT transactions, contributing significantly to the market's overall performance.

OpenSea Leads in Unique Traders

Despite the growing competition, OpenSea maintained its position as the leader in terms of unique traders. Accounting for over 67% of unique traders across all NFT marketplaces, OpenSea continues to appeal to both traders and collectors.

Uptick in Platform Fees

The NFT market has observed fluctuating trends in royalties, with figures nearing all-time lows. However, December witnessed a slight uptick in this area. OpenSea, leading the charge, not only dominated in royalties but also in platform fees earned. The platform generated over $3 million in fees throughout December, showcasing its significant revenue-generating capacity.

For an in-depth recap of the December NFT Marketplace, take a look at a new report from our Research Analyst, Bradley Kay with a trial subscription to The Block Pro.