Arbitrum NFT Market: The Rise of SPACE ID arb. name service

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    Introduction

    The NFT market on the Arbitrum blockchain experienced a record-breaking surge on February 20, 2023, setting new highs in sales volume, number of NFT sales, and number of purchasers.

    This dashboard provides a comprehensive and detailed analysis of what happened on that day, as well as what contributed to this boom.

    To begin, this dashboard provides an overview of the NFT market within the Arbitrum ecosystem, exploring its market share and recent trends. It then takes a closer look at the specific collections that were responsible for the surge in sales and investigates the unique features that made them stand out in the market.

    Finally, this dashboard positions the Arbitrum NFT marketplace within the broader crypto market, comparing it with the NFT markets of seven other leading blockchains, including Ethereum, Solana, Optimism, Flow, Terra, and NEAR. Through this dashboard, we aim to offer valuable insights into the current state of the NFT market on Arbitrum and its place within the larger crypto ecosystem.

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    Context

    Arbitrum is a layer 2 scaling solution for the Ethereum blockchain. Built on top of the Ethereum mainnet (layer 1), transactions take place on Arbitrum, which increases transaction speed and decreases fees.

    The NFT market on Arbitrum had a slow start, with little popularity from its inception until September 2022. Between September and November 2022, the NFT sales on Arbitrum reached their peak. However, after that period, the NFT market experienced a downward trend. Despite this, in the last week, the daily volume and number of NFT sales, as well as the daily number of users who sold or purchased NFTs on Arbitrum, surpassed their all-time highs. On a single day (February 20, 2023), the volume of NFT sales reached 1370 ETH, the daily number of purchasers passed the record of 6200 and reached 6500, and the number of NFT sales on that day peaked to a remarkable 11,400.

    Throughout this dashboard we aim at investigating the cause of this sudden surge in the Arbitrum NFT market and providing insights into the near future of the NFT market on Arbitrum.