NFT Market Takes Off: Up 40% Compared to the Previous Month

NFT Market Takes Off: Up 40% Compared to the Previous Month

Today, DappRadar – a decentralized app data company – released its latest report on the NFT markets. January 2023 saw an impressive surge in the number of transactions and sales for non-fungible tokens; analysts anticipate this is just the beginning of a resilient recovery trend.

Yuga Labs’ NFTs Are Contributing to This Situation

January 2011 saw a remarkable increase in total NFT market volume to around $946 million, representing an impressive 40% jump from the preceding month. This is the highest it’s been since June 2022. Furthermore, Yuga Labs’ collection sales were responsible for approximately 34% of the overall NFT market volume throughout January 2023. Additionally, there has been a 42 percent surge in the number of NFTs sold since December 2010, reaching 9.2 million units in total.

NFT Market Takes Off: Up 40% Compared to the Previous Month

Yuga Labs is a Web3 organization that envisions shaping the future with stories, experiences, and communities. From its NFT collection, it offers “Bored Ape Yacht Club (BAYC),” “Meebits,” and “CryptoPunks.” Notably, BAYC declared plans to launch an exciting game called “Dookey Dash” in January, boosting demand for their related NFTs.

Ethereum Sustains Its Leadership

Dominating the blockchain NFT market volume was Ethereum (ETH) chain at 37%, leading the pack. Second in line with 23% is Solana (SOL), followed by Polygon (MATIC) chain, which accounted for 12%.

Polygon’s “Collect Donald Trump Cards” and the “Mocaverse Realm Ticket Pass” have become especially renowned, resulting in a 124% surge of transactions on the blockchain. The former was unveiled by ex-US President Donald Trump in December, with 44,000 NFTs sold out immediately after release. 

The Situation in NFT Marketplaces Is as Follows…

According to the report, the trading volume of NFT marketplace OpenSea skyrocketed by 67%, totaling 65.5 billion yen ($495 million) in 2021’s January alone – representing a majority 58% of the entire market’s total trading volume! Blur followed closely behind it as runner-up, while Magic Eden sat in third place.

Blur is quickly gaining popularity in the market due to its no-commissions and fast aggregation model. Despite being blacklisted by OpenSea, a platform that emphasizes royalty fees, Blur managed to overcome this challenge with its lack of creator fee collection (royalty) and succeeded in trading some NFTs unencumbered.

You might interested: What is Bone ShibaSwap? Should I Invest?