NFT Market Rebounds: Sales Surge to $945M in January

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NFT sales have hit an all-time high since the bear market of June 2022, with a remarkable 42% surge in the past month

The NFT market has started strong in 2023. Last month, sales of such digital assets totaled more than $945 million in January alone — a 42% increase from December 2022.

Quick Take: 

  • Data from DappRadar shows that NFT January sales are the highest since before the bear market hit in June 2022.
  • The report indicates that NFT trading volume has increased by 42% in one month.
  • Most NFTs are acquired from the Ethereum blockchain (as usual). However, Polygon and Solana are just a little behind.
  • Polygon alone reported a 124% increase in NFT trading volume just last month.
NFT Market
Edited graph from DappRadar

The NFT Trading Market Booms 

The NFT trading market witnessed sales hit a high of $945 million in January — the most robust performance since before the bear market of June 2022, according to research from DappRadar.

Ethereum continues to dominate blockchains used for NFTs, with all-time sales last month reaching $36 billion. However, Solana and Polygon are close behind, with Polygon seeing a 124% surge in NFT trading volume in January.

The industry is getting back on track, with the DeFi niche also rising 26.8% in total value between December and January.

As a result, 2023 is, without a doubt, looking to be more successful for the NFT market.

NFT newbies wanting to catch this year’s bull market should check out this “Ultimate Guide to NFTs for Dummies“.

Subscribe to the NFT Lately newsletter to receive news covering the latest NFT-related drops, releases, reviews, and more.

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