NFT market posted its best quarter since the beginning of 2023

A total of $4 billion worth of NFTs were sold between April and June this year. That's a 3.7% increase from the fourth quarter of 2023.

NFTs have increased their market dominance, becoming the leading trend for the second quarter of 2024," said DappRadar blockchain analyst Sarah Gergelas.

Blur remains the most popular NFT platform with 31% market share, she said. Note that the platform has lost nearly 50% of its dominance since last quarter.

Magic Eden is in second place, having achieved success thanks to Ordinals, non-mutualizable tokens created on the bitcoin network. Thanks to this, the platform increased its dominance from 17% to 22%. OpenSea is in third place, though Gergelas notes that the trading platform "leads as the most sought-after NFT marketplace in terms of sales volume with a 12% market share."

DappRadar analysts did not cite a reason for the increase in trading volume on the NFT marketplace. However, they noted that positive momentum in the web3 industry "remains strong."