So, it seems that NFT trading volumes on Ethereum went through the roof in the first quarter of 2023. We're talking about a staggering increase compared to the previous quarter. Why, you ask? Well, let's give credit where credit's due. Blur's native token, BLUR, caused quite a frenzy with its airdrop farming madness. Who can resist the allure of free tokens, right?

According to data from Nansen, the trading volume of NFTs more than doubled in Q1 2023, reaching a whopping $4.5 billion. That's a lot of digital goodies changing hands, my friends. But hold on, here's the twist. While the trading volumes skyrocketed, the number of unique wallets trading NFTs only saw a modest increase. So, it seems like the existing users were just trading like crazy, probably fueled by the BLUR token excitement.

But hey, let's not get too carried away with the bullishness. When we zoom in on the spring season, things start to look a bit bearish. April took a 30% hit in trading volumes across various marketplaces compared to March. Ouch! And it seems May isn't off to a great start either. Nansen reports that the first week of May had the "lowest number of sales and users" this year. The NFT market needs a little pick-me-up, don't you think?

If we look at the numbers, weekly NFT sales dropped to around 370,000. That's quite a dip, my friends. The trading volumes have fallen back to bearish levels from 2022, with only around 90,000 ETH traded weekly. It's not exactly the moonshot we were hoping for.

But hey, let's not forget that Ethereum has had a rather bullish start to the year. It's been flexing its muscles, with the second-largest market capitalization and all. We can't blame everything on the NFT market, can we? At least we can console ourselves with the fact that Ethereum's price has been on the rise.

https://decrypt.co/139296/first-quarter-nft-volumes-outpace-q4-thanks-blur-token-airdrop