The analyst believes that NFT projects will continue to exist, but it is worth preparing for a serious change in the “landscape” around them

Non-fungible token trading volume increased by 117% last month, according to DappRadar. It amounted to more than $2 billion, which is the highest figure since May 2022, when Terra collapsed.

At the same time, in January 2023, NFT sales reached only $941 million. Interestingly, the most serious volume of transactions now falls on the Blur platform, which some experts suspect of falsifying indicators. It recently overtook the popular NFT platform OpenSea in terms of trading volume.

Blur users who do not trade on other platforms are rewarded. This seems to be one of the key reasons for the growth in trading volume on the site. DappRadar believes that this approach of Blur is quite legitimate, as is the trading volume on the site.

“Most of the trades on the Blur platform pass our criteria for fraud. We will investigate this issue, but we will not say that all transactions on the platform are falsified,” said Pedro Herrera, head of research at DappRadar.

Earlier, participants in the Finam conference “Cryptocurrency Mining — Prospects and Potential of the Industry” discussed the prospects for the development of the NFT market in 2023. Dmitry Lesnov, head of Finam’s client service development department, pointed out that the trading turnover on OpenSea has collapsed by more than 200 times (in January of this year compared to the same period last year).

“That says a lot. But in the past few weeks, a new platform, Blur, has hit the front pages of newspapers. This is the NFT marketplace, which offered users unique conditions for working on it and therefore attracted a lot of attention and “ate off” a significant part of the trading activity from other participants. Perhaps Blur will breathe a second life into this segment of cryptocurrencies, but I suppose that sooner or later the hype will pass on this platform and some new platform will appear that will offer even better conditions for users,” Lesnov expects.

He believes that NFT projects will continue to exist, but it is worth getting ready for a serious change in the “landscape” around them. As a result, only recognized projects with intrinsic value will remain afloat.

Finam analyst Leonid Delitsyn believes that now there is a search for NFT applications for a wide range of clients.

“For example, quite similar companies recently had IPOs on the NASDAQ, which are trying to make NFT a monetization mechanism for mobile games. NFT Gaming Company managed to list, its shares are traded. Thus, investors are ready to finance the continuation of the search. Interestingly, the founders of these companies are more investors than developers of games or blockchain technologies. That is, the idea that something will grow out of this remains popular, ” Delitsyn emphasized.

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