As Bitcoin drops for the fourth consecutive day, non-fungible tokens (NFTs), once thought to be declining, have had their best quarter since early 2023.

NFTs experienced their best quarter in Q2 with a 28% increase in sales count, reaching levels last seen in Q1 2023. Recent research indicates that NFTs recorded $4 billion in trading volume in Q2, marking a 3.7% increase compared to Q4 2023.

According to a blockchain analyst, Blur remains the dominant force with 31% market dominance, despite losing 50% of its dominance since the last quarter.

Blockchain gaming continues to dominate the dapp industry, although its share has slightly decreased by 2% from the last quarter, similar to the DeFi sector. In contrast, the NFT and social sectors have both increased their market dominance, emerging as the leading trends of Q2 2024.

Magic Eden follows in second place, finding success with Ordinals — NFTs built on the Bitcoin network — and increasing its dominance from 17% to 22%. OpenSea ranks third in terms of dominance, though it leads as the most dominant NFT marketplace by sales with a 12% market share.

While the exact drivers of the momentum in trading volume among NFT speculators remain unclear, the positive impulse in the web3 industry remains strong. Investors still show sustained enthusiasm and potential for further advancements.

For more updates on the latest trends in cryptocurrencies and NFTs, explore more news on Global Crypto News.

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