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OKX Ventures:OpenSea Lost Its NFT Market Dominance in the First Quarter of 2023 Due to Blur Airdrop

Cointime Official

On-chain data is showing signs of recovery and the Layer 2 market is maturing, according to Q1 2023 reports. Quarterly fees on the Bitcoin network reached their highest level since Q4 2021, with the Ordinals protocol bringing NFT use cases.

Ethereum fees also climbed to their highest level since Q2 2022, driven by events such as the USDC fud and the ARB and BLUR airdrops. The ARB airdrop resulted in Arbitrum's daily transaction volume hitting a record 2,728,907. DeFi TVL increased by 37.44% month-on-month to $83.3 billion, with Ethereum dominating at $55.8 billion and BNB Chain coming in second with a 20.69% increase.

Meanwhile, the NFT marketplace volume in Q1 grew by 137.04% to $4.7 billion, the highest level since Q2 2022. However, monthly transaction volume fell 15.65% to $1.7 billion in March, and monthly sales fell 4.63% to $2.7 million. OpenSea lost its NFT market dominance in Q1 due to the Blur airdrop.

Ethereum Ethereum $2,366.50
-5.33%
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