Market Soars as NFTs Head for Recovery

On Feb 7, 2023

The NFT market experienced a surge in January as economic tensions eased and well-known industry players released new collections. Statistics show that NFT sales shot up by 41.96% in January, reaching $997.53 million. Furthermore, the number of digital collectible transactions has also witnessed a surge, increasing over 22% compared to the previous month.

Also note that the growth of the NFT industry can be attributed to the work of major players in the market. One such player is Yuga Labs, which made a big impact in January by accounting for 34.3% of all NFT transactions with its latest release, the Sewer Pass collection. This collection functions as the key to the company’s latest blockchain game. Other companies, like Doodles and Moonbirds, have taken strategic steps to strengthen the NFT market. For example, Doodles acquired an Emmy-nominated animation studio and Moonbirds signed a contract with a Hollywood talent management company.

Ethereum-based NFTs continued their reign as the most sought after in January, controlling 36% of the market. The Polygon MATIC network saw a striking 124% increase in NFT trading volume, amounting to $46 million, making it the fastest growing NFT platform. The popularity of Polygon NFTs skyrocketed with a 157% increase in sales from December, reaching a total of 4.5 million units.

Bored Ape Yacht Club Dominates NFT Market with $71.24 Million in Sales

The best-performing NFT collections this year have been profile picture collections, which are in high demand due to their liquidity. The top-selling NFT collections for January 2023 included the Bored Ape Yacht Club (BAYC), which generated $71.24 million in sales. Other top performers include the Mutant Ape Yacht Club (MAYC), which rose 47.91% to $58.85 million in sales, and the Bored Ape Kennel Club (BAKC), which jumped 309% to $42.33 million in sales.

The most expensive NFT sold in January was the BAYC #5,840, selling for a whopping $796,444. Other top-selling NFTs included the BAYC #4,025, which sold for $613,501, and the Cryptopunk #9,092, which sold for $496,903.

In terms of NFT marketplaces, Opensea led the pack with 40% of last month’s sales. Blur captured 32% of the 30-day sales, followed by X2Y2 with 8% of the month’s sales. Magic Eden accounted for 7% of the NFT sales, and Looksrare for 2%, according to data from dappradar.com.

Want more? Connect with NFT Plazas

Join the Weekly Newsletter
Join our Discord
Follow us on Twitter
Like us on Facebook
Follow us on Instagram

*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.