NFT Market Returns $945 Million in January Sales

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The NFT market begins 2023 with a bang, recording over $945 million in sales and trading volume in January alone! This comeback means great news for collectors and traders after last year’s brutal bear market. Moreover, NFT sales increased by 42% compared to December 2022 – and the numbers continue to rise.

Happy man on laptop
The NFT market is back on track again after a months-long bear market with January sales surpassing $945 million in January. Credit: FreePik

How much did the NFT market sales increase in January?

In February of this year, we finally see the light at the end of the tunnel in terms of NFT trading. According to the latest data from DappRadar, NFT sales raised $945 million in January. These are the best stats since before the bear market in June 2022!

In fact, overall NFT trading volume has increased by 38% per month in the past season. lets take alook:

Graph showing NFT market trading volume and peak sales in 2022 and 2023
NFT market sales hit a high peak of $946 million in trading volume last January after the bear market in 2022. Credit: DappRadar

In terms of the NFT blockchain, Ethereum is topping the charts as usual. The popular blockchain solution has reached +36 billion in sales all the time (as of January 2023). However, the Solana and Polygon blockchains are also close, with Polygon reporting a 124% increase in NFT trading volume in January.

What about the DeFi sector?

Surprisingly, the DeFi niche is back on track with a 26.8% rise in its total value between December and January.

While this metric has benefited greatly from the rally in cryptocurrency prices, other on-chain indicators point to an uptrend.” DappRadar reports.

Graph showing the growth of the DeFi market by DappRadar
The DeFi sector also posted steady growth in January. Credit: DappRadar

In conclusion, 2023 is undoubtedly more promising than last year for the NFT market. If you are a new trader, we have a guide that explains how to invest in NFTs to catch the potential bull market in 2023!

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All investment/financial opinions expressed by NFTevening.com are not recommendations.

This article is an educational material.

As always, do your research before making any type of investment.

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