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“.

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