The NFT market saw a surge in January as economic tensions eased and well-known industry players launched new collections. Statistics show that NFT sales skyrocketed 41.96% in January, reaching $997.53 million. In addition, the number of digital collectibles transactions has also seen an increase, increasing more than 22% compared to the previous month.
Also keep in mind that the growth of the NFT industry can be attributed to the work of the major players in the market. One of those players is yuga laboratories, which made a big impact in January by accounting for 34.3% of all NFT transactions with its latest release, the Sewer Pass collection. This collection functions as the key to the company’s latest blockchain game. Other companies, such as Doodles and Moonbirds, have taken strategic steps to strengthen the NFT market. For example, Doodles acquired an Emmy-nominated animation studio, and Moonbirds signed a contract with a Hollywood talent management company.
Ethereum-based NFTs continued their reign as the most searched in January, commanding 36% of the market. The Polygon MATIC network experienced a staggering 124% increase in NFT trading volume to $46 million, making it the fastest growing NFT platform. The popularity of Polygon NFT has skyrocketed with a 157% increase in sales since December, reaching a total of 4.5 million units.
Bored Ape Yacht Club dominates the NFT market with $71.24 million in sales
The best performing NFT collections this year have been profile picture collections, which are in high demand due to their liquidity. The best-selling NFT collections in January 2023 included the Bored Ape Yacht Club (BAYC), which generated $71.24 million in sales. Other top performers include Mutant Ape Yacht Club (MAYC), which was up 47.91% to $58.85 million in sales, and Bored Ape Kennel Club (BAKC), which was up 309% to $42.33 million in sales. sales.
The most expensive NFT sold in January was BAYC #5,840, selling for a whopping $796,444. Other top-selling NFTs included BAYC #4,025, which sold for $613,501, and Cryptopunk #9,092, which sold for $496,903.
In terms of NFT markets, Opensea led the pack with 40% of sales last month. Blur captured 32% of 30-day sales, followed by X2Y2 with 8% of sales for the month. Magic Eden accounted for 7% of NFT sales and Looksrare 2%, according to data from dappradar.com.
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*All investment/financial opinions expressed by NFT Plazas come from the personal research and experience of our site moderators and are intended for educational purposes only. People are required to fully research any product before making any type of investment.
NFT and Web3 Ambassador. Bullish on everything related to Blockchain.
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