March NFT Report: Blur Dominates NFT Market Volume As The Polygon Web3 Ecosystem Expands – NFTgators

March NFT Report: Blur Dominates NFT Market Volume As The Polygon Web3 Ecosystem Expands – NFTgators

March NFT Report: Blur Dominates NFT Market Volume As The Polygon Web3 Ecosystem Expands

The NFT market saw a whopping 900K ETH in monthly volume, most occured on Blur NFT marketplace. Polygon’s Web3 Ecosystem expands with y00t’s migration and Lens’ expension, and Bitcoin Ordinals NFTs saw 714K inscriptions

During March, the NFT market saw a total of 900K ETH traded in 2M sales, made by 601K users, while 69% of the volume occurred on Blur, 20% on OpenSea, 3% on LooksRare, and 2.5% on x2Y2.

Blur also saw the highest rate of sales per user, with a monthly average of 4.9 sales per user, more than double that of OpenSea which saw only 2.4 sales per user. While also seeing a higher volume per sale ratio compared to OpenSea, with 0.74 ETH per sale on Blur, and 0.23 ETH per sale on OpenSea.

The Polygon Web3 ecosystem:

On March 28th, Polygon announced the migration of y00ts, a generative art project of 15K NFTs, to the Polygon network. Currently, 12,207 y00ts have been bridged to Polygon, and 10,020 of them are already being staked (82% of bridged). The collection already saw $3.3M in secondary sales, coming from 751 distinct sales. Averaging $4,455 per sale. The highest sale was y00t #6502, which was sold for $10,955.

Frank, the y00ts founder, stated on the Bankless podcast that “for an NFT initiative, being linked with a lot of amazing businesses, a lot of really talented builders, that really excited us.” “Starting on Polygon in 2023 is kind of a no-brainer.”

Lens Protocol, the decentralized social graph built on the Polygon blockchain, now reached an ATH in user monthly engagements during March, surpassing 3M total monthly engagements (posts, comments, and mirrors), while also experiencing an ATH in monthly active Lens profiles, seeing over 66K MAU, which on average each engaged 45 times.

Lens Protocol recently hit a major milestone with over 100,000 profile owners. The platform, which was launched by the team behind DeFi platform Aave in February 2022, recently added a new feature called Token Gated Publication which allows users to token-gate their content.

To finish things up, Reddit came out with new Polygon-based NFTs to promote awareness about endangered animals, and to date, a total of 156,500 “Endangered Animals” Reddit NFTs were minted, averaging 14K Avatars per day.

Ordinals, the Bitcoin based NFTs, are still seeing high ammounts of inscriptions, recently surpassed a total of 150 Bitcoin paid in network fees for the minting of new Bitcoin NFTs, with over 714K Bitcoin NFTs inscriptions to date.

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