The NFT market saw a boom in January as economic tensions eased and established players in the industry released new blocks. Statistics show that NFT sales increased by 41.96% in January to $997.53 million. Moreover, the number of collectible digital transactions saw an increase of more than 22% compared to the previous month.
Also note that the growth of the NFT industry can be attributed to the work of the major players in the market. One of these players is Yoga Labswhich made a significant impact in January by accounting for 34.3% of all NFT transactions with its latest release, Sewer passage group. This pool serves as the key to the company’s latest blockchain game. Other companies, such as Doodles and Moonbirds, have taken strategic steps to boost 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 demanded in January, controlling 36% of the market. The Polygon MATIC network has seen an impressive 124% increase in NFT trading volume, which has reached $46 million, making it the fastest growing NFT platform. Polygon NFTs rose in popularity with a 157% increase in sales from December, to a total of 4.5 million units.
Bored Monkey Yacht Club dominates the NFT market with sales of $71.24 million
The best-performing NFT pools this year were selfie pools, which are in high demand due to liquidity. The best-selling NFT kits for January 2023 included the Bored Ape Yacht Club (BAYC), which generated $71.24 million in sales. Among the top performers were the Mutant Ape Yacht Club (MAYC), which jumped 47.91% to $58.85 million in sales, and the Bored Ape Kennel Club (BAKC), which jumped 309% to $42.33 million in sales.
The most expensive NFT sold in January was BAYC #5840, which sold for a whopping $796,444. Other best-selling NFTs included BAYC #4,025, which sold for $613,501, and Cryptopunk #9092, which sold for $496,903.
In terms of NFT markets, Opensea led the pack with 40% of last month’s sales. Blur accounted for 32% of the 30-day sales, followed by X2Y2 with 8% of the month’s sales. 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 are derived from the personal research and experience of our site managers and are intended as educational materials only. Individuals are required to fully research any product before making any type of investment.
NFT Ambassador and Web3. Optimistic on all things Blockchain.