The NFT market is starting 2023 strong, garnering over $945 million in sales and trading volume in January alone! This return means great news for collectors and dealers after last year’s tough bear market. Additionally, NFT sales are up 42% compared to December 2022, and the numbers continue to rise.
How much did the NFT market sales increase in January?
This February, we finally see the light at the end of the tunnel in terms of NFT trading. According to the most recent data from radardapp, NFT sales racked up a whopping $945 million in January. These are the best stats since before the bear market in June 2022!
In fact, overall NFT trading volume increased 38% on a monthly basis last season. Let’s take a look:
In terms of NFT blockchains, Ethereum leads the charts as usual. The popular blockchain solution reached +36 billion in all-time sales (as of Jan 2023). However, the Solana and Polygon blockchains are also close, with Polygon reporting a 124% increase in NFT trading volume this January.
What about the DeFi sector?
Surprisingly, the DeFi niche is also getting back on track with a 26.8% increase in its total value locked between December and January.
“While this metric has benefited greatly from the rally in cryptocurrency prices, other on-chain indicators point to an uptrend.” reports DappRadar.
To conclude, 2023 is undoubtedly more promising than last year for the NFT market. If you are a new trader, we have a guide explaining how to invest in NFTs to take advantage of the potential bull market in 2023.
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This article is educational material.
As always, do your own research before making any type of investment.
