NFTs hit nearly $1 billion in January thanks to the crypto resurgence

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January was a good month for non-currency tokens (NFTs) as digital aggregators saw trading volume increase as the broader crypto market rebounded from an extended bear market.

The news comes in light. New data From the market intelligence platform DappRadar, which showed the sale of NFT He jumped It is up 38 percent month over month to total $946 million in January 2023. Notably, this was the highest trading volume recorded since June last year.

The market intelligence platform also confirmed that NFT sales rose 42 percent between December and January. Excerpted from the report.

TIn January 2023, NFT trading volume and sales count are recovering. NFT trading volume recorded a 38% increase from last month, reaching $946 million. This is the highest trading volume since June 2022. The number of NFTs traded increased by 42% from the previous month, reaching 9.2 million.

NFT trading volume and volume of sales - Fwb 5
Source: Dapradar

In the report, Dapradar also highlights that the decentralized finance (DeFi) sector of the industry is recovering in speed and strength, with total value locked (TVL) on DeFi rising 26.8% between December and January. A paragraph in the report reads:

The DeFi market showed signs of recovery in January 2023. [TVL] It increased by 26.82%, which reached 74.6 billion dollars compared to the previous month. While this measure has benefited greatly from the rally in crypto prices, other indicators on the chain indicate a bullish trend.

Defy TV
Source: Dapradar

NFTs, which provide proof of ownership of digital assets such as online artworks, have increased in popularity in 2021, with Beeple recording up to $69 million in sales for digital artworks. Two large NFT art collectives rose in popularity during the same year, including Cryptopunk and Bored Up Yacht Club.

At Dapradar, blockchain analyst Sara Gherghelas said in an email to MarketWatch that the increase in the NFT market in January was due to the success of Yoga Labs’ NFT collections, which accounted for 34.3% of the total NFT trading volume at $324.8 million. .

Yuga Labs is the creative team behind Bored Up Yacht Club, a 10,000-piece collection featuring cartoon monkeys. The project raised $450 million by March 2022, which would be used to build a media empire valued at $4 billion. Among those arrested were Justin Bieber, Jimmy Fallon and Serena Williams, among other celebrities.

In January, Yuga Labs released a product dubbed “Flood Pass Entry Pass” that offers users an exclusive online game. In the statement, Gergelas explained that the release of the drain pass stock “created a lot of excitement in the NFT world”, which, according to her, explains why the trading volume has increased.

Another factor that played a role in the high NFT trading volume in January was the anticipation of the popular token created by the NFT marketplace blurb, which will launch on February 14th. “It inspired consumers to get more involved in NFTs,” Gergelas said. Trading, for maximum profit.

Over time, the blur marketplace has gained popularity and popularity and has become one of the fastest growing NFT marketplaces with a trading volume of $187 million. This represents 20% of the market and the blurring comes despite new entrants into the space.

OpenSea’s leading NFT marketplace remains DappRadar

In the same report, Dapradar OpenSea is still the number one NFT marketplace, with a 66.58% increase in transaction volume last month, reaching $495 million. This represents 58% of the total trading volume of the entire NFT market. NFT blockchain Ethereum dominates 78.5% of the market.

Lido passed the maker: Dapradar

The analytics platform records vital statistics about liquidity provider Lido Finance and Ethereum (ETH), the leading smart contract platform, down in the report. Dapradar uses these as further evidence of a recovering DeFi sector.

According to the market intelligence platform, Lido is the largest decentralized financial protocol, ahead of the creators of the DAI stablecoin, the creator of DAO. The breakthrough comes in September when Ethereum switched from Proof of Work (PoW) to a Proof of Stake (PoS) method due to the growing popularity of liquidity protocols. He explained.

Lido Finance beat Maker DAO this month to become the largest DeFi protocol. This was largely driven by the growing popularity of Liquid Staking Derivative (LSD) protocols, with Ether up a significant 33% in the past 30 days.

Ethereum’s transition to PoS has acted as a catalyst, fueling growing interest in liquid stock derivatives. Lido was quick to take advantage of this, with payment revenue directly proportional to Ethereum POS revenue. This comes from sending ETH to the staking protocol.

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