2023 NFT Market Analysis: Insider Observations

Key Points NFT trading volume surged dramatically in Q1 2023 but subsequently declined. Blur's incentive and airdrop mechanisms were the main driving forces. On April 19th, the number of NFT holders dropped to its lowest point in the past 12 months, with only 11,187 traders. OpenSea still dominates the NFT royalty market, but Blur's royalty share surpassed OpenSea in mid-February and matched OpenSea in March.