Reports said that the nonfungible token (NFT) market starts 2023 with a bang, scoring over $945 million in sales and trading volume in January alone.
It has been reported that this comeback means great news for collectors and traders after last year’s harsh bear market. NFT sales increased by 42% compared to December 2022 – and the numbers keep on rising.
However, according to the most recent data from DappRadar, NFT sales amassed a whopping $945 million in January. These are the best stats since before the bear market in June 2022. The NFT trading volume overall increased by 38% monthly last season.
The report said that in terms of NFT blockchains, Ethereum is leading the charts as usual. The popular blockchain solution reached +36 billion in all-time sales (as of January 2023). However, the Solana and Polygon blockchains are close too. In fact, Polygon reported a 124% increase in NFT trading volume this January.
The DeFi niche is also getting back on track with a 26.8% rise in its total value locked between December and January.
Thus, DappRadar stated:
“While this metric has been highly benefited from the rally in crypto prices, other on-chain indicators signal a bull trend.”
Source: NFT Evening