Cryptocurrency

NFT transactions increased 1.27x in Q1, 2023: Nansen Data shows

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Non-Fungible Tokens (NFTs) were not left behind in Q1, 2023 as cryptocurrencies tried to recover from last year’s winter.

There were higher NFT trading volumes in both Ethereum (ETH) and USD in Q1, 2023 compared to Q4, 2024. For instance, the NFT trading volume in Q4, 2024 in ETH was 1,525,471ETH compared to 2,839,354 ETH in Q1, 2023.

NFT sales hit a yearly high in March 2023

According to data provided by Martin Lee, a data journalist at Nansen, the NFT sales surged to a yearly high in March, with Blur accounting for the majority of the sales followed at a distance by OpenSea, which was once the top NFT marketplace.

nft transactions increased 127x in q1 2023 nansen data shows
nft transactions increased 1.27x in q1, 2023: nansen data shows 7

Interestingly, Blur is a new NFT marketplace which was launched towards the end of 2022 and it has overtaken all major NFT marketplaces.

Commenting on the analysis conducted by leading blockchain analytics firm Nansen comparing the performance of NFT trading volumes in Q4 2022 Vs Q1 2023, Martin Lee said:

“In Q1 23 we saw significantly higher trading volumes in both ETH and USD terms compared to Q4 22. 1,525,471 ETH/ $1,972,849,944/9,036,778 NFTs transacted in Q4 22 and 2,839,354 ETH/ $4,540,881,601/11,498,022.00 NFTs transacted in Q1 23. The increase has largely been driven by the rise of Blur. For the month of April, we saw a decline when compared to March – 634,236 ETH/$1,213,686,547/2,394,278.00 NFTs transacted compared to 1,035,952 ETH/$1,727,836,642/4,106,866 NFTs transacted. Volume seems to be slowing down in May compared to April as well.”

nft transactions increased 127x in q1 2023 nansen data shows
Source: Nansen

While the number of NFT sales increased, the number of NFT users also increased modestly in Q1, 2023 compared to Q4, 2022. According to Nansen’s analysis, there were 13,999,528 NFT users in Q1, 2023 compared to 11,233,872 NFT users in Q4, 2022.

1683705266 749 nft transactions increased 127x in q1 2023 nansen data shows
nft transactions increased 1.27x in q1, 2023: nansen data shows 8

NFT sales decreasing

While we saw a surge in NFT sales in the first quarter of the year, the number of sales has started to decrease.

The analysis reveals that we’re starting to see the lowest number of sales and users in the past week compared to what we’ve seen in the past year.


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