The total market capitalization of NFT collections deployed on Ethereum (ETH) saw a 59.6% drop in 2022, according to a report by DappRadar.
The aggregate market capitalization of ETH-based NFT projects started 2022 at $9.3 billion and ended at $3.7 billion, according to the report. However, the figures for January indicate that the NFT market has started to flourish, which includes ETH-based NFTs.
yuga laboratories
ETH has 81 NFT collections implemented on its chain. The numbers indicate that Yuga Labs NFTs account for 67% of the total NFT market cap on the ETH chain.
Yuga Labs includes popular NFT collections such as CryptoPunks, Bored Ape Yacht Club (BAYC), Bored Ape Kennel Clum (BAKC), Mutant Ape Yacht Club (MAYC), Meebits, and Otherdeeds for Otherside.
Together, CryptoPunks and BAYC account for 46.7% of the total ETH NFT market capitalization. BAYC, with a minimum price of $98,438, posted a trading volume of $49 million in January.
NFTs in January
In January, the NFT trading volume Recorded a 38% growth from about $700 million in December 2022, according to another report from DappRadar. The current trade volume, $946 million, marks an all-time high since June 2022. The NFT sales count also increased from 6.7 million in December to 9.2 million in January, reflecting a 42% growth. .
ETH also ranks first for the largest NFT trading volume. The chain’s transaction volume saw a 37% increase from $480 million in December 2022 to $659 million in January.
Solana (SUN) and Polygon (MATIC) followed ETH as second and third with $85 million and $46 million, respectively. While SOL posted a 23% increase from $69 million in December, MATIC stood out by posting the third highest growth rate for the month at 124%.
Avalanche (AVAX) and Tezos (XTZ) registered the first and second highest monthly growth rates, with 451% and 150%, respectively. immutable X(SMEs) and WAX (WAXP) blockchains, on the other hand, posted declines of -3% and -32% in January, respectively.
