NFT Sales Fall 36% In January 2024 – Will This Coming February Bring Back An Upturn?

On Jan 31, 2024

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The non-fungible token market, once hailed as the next big thing in the burgeoning crypto world, has experienced a dramatic fall this January, marked by a flip in NFT trading sales volume and trading activities. In the article, we shall explore whether the NFT market will retest some positive growth this coming February.

NFT Sales Fall 36% In January

Data fetched by CryptoSlam.io, an on-chain market data aggregator, indicates that the global non-fungible token market has recorded some negative growth this January. In the past 30 days, the NFT market has amassed a trading sales volume of $1.2 billion, representing a 36% decrease from December 2023.

During this period, the number of investors buying and selling NFTs has also reduced. In the past 30 days, the global NFT market has recorded 93,230 buyers and 87203 sellers. The number of NFT buyers has plunged 33%, while NFT sellers have plummeted by 30.88%.

Ethereum, the popular decentralized blockchain that supports crypto and non-fungible token collections, was the top most-traded blockchain network in the NFT ecosystem in January. In the past 30 days, Ethereum-based NFT collections have amassed a trading sales volume of $350 million. Ethereum NFT sales volume plunged 15% from January 2024 to December 2023.

Bitcoin, the same blockchain network that powers the flagship crypto ‘Bitcoin,’ has been the second most-traded blockchain network in the NFT ecosystem this January. In the past 30 days, digital collectibles hosted on Bitcoin have attracted a trading sales volume of $327 million. Bitcoin-based NFT sales volume decreased 62% in January from the previous month.

Solana, a public, open-source blockchain that supports smart contracts, including non-fungible tokens (NFTs) and a variety of decentralized applications, was the third most traded blockchain network in the NFT market in January. In the past 30 days, Solana-based NFT collections have amassed a trading sales volume of $229 million. Solana NFT’s sales volume has plunged 28% from the previous month.

Polygon, an Ethereum scaling blockchain network, and Avalanche, a decentralized open-source blockchain network with smart contract functionality, were January’s fourth and fifth most-traded blockchain networks in the burgeoning NFT ecosystem.

In the past 30 days, Polygon-based NFT collections have amassed a trading sales volume of 112 million, while Avalanche-based NFTs have recorded a sales volume of $45 million. During this period, Polygon-based NFT sales volume increased by 67%, while Avalanche NFT sales have surged by 102% from the past month.

Ethereum Leads In NFT Wash Trading

Ethereum took the top spot in the NFT wash trade, accruing more than $389 million in the past 30 days. By description, wash trading is a form of market manipulation in which crypto investors simultaneously sell and buy the same NFTs, creating a false impression of market activity. The practice is deemed illegal in most jurisdictions.

Top Selling NFTs In January 2024

1. Bitcoin Ordinals ‘Uncategorized NFTs’

Bitcoin Ordinals, the non-fungible token collection created on the Bitcoin blockchain network using Satoshi Nakamoto’s ordinal theory, has been this month’s top-selling NFT collection. In the past 30 days, Bitcoin Ordinals collections have recorded a sales volume of $47 million. Nonetheless, Bitcoin Ordinal NFT’s sales volume declined 36% in January from the previous month.

2. Gas Hero Common NFT Collection

In January, gas Hero Common, a non-fungible token collection hosted on Polygon, an Ethereum scaling net, was the second most-selling NFT collection. In the past 30 days, the Gas Hero Common NFT collection has recorded a trading sales volume of $40 million.

3. CryptoPunks NFT Collection

CryptoPunks, an NFT collection previously from the digital asset firm Larva Labs featuring a limited set of 10,000 pixel NFTs hosted on the Ethereum blockchain network, was the third most-selling NFT collection in January. In the past 30 days, the CryptoPunks NFT collection has amassed a trading sales volume of $31 million. During this period, CryptoPunks NFT sales volume has surged 183% from the past month.

4. Dokyo NFT Collection

Dokyo, an NFT collection with 5,555 NFT collections hosted on the Avalanche blockchain network, has been the fourth most-selling NFT collection in January. In the past 30 days, the Dokyo NFT collection has recorded a trading sales volume of $30 million. Dokyo NFT trading sales volume has surged 310% this month compared to the past month.

5. CryptoUndeads NFT Collections

CryptoUndeads, a relatively new non-fungible token collection hosted on the Solana blockchain network, has been the fifth most-selling NFT collection in January. In the past 30 days, the NFT collection has attracted a trading sales volume of $24 million.

6. Froganas NFT Collection

Froganas, an NFT collection hosted on the Solana blockchain network, has been the sixth most-selling NFT collection in January. In the past 30 days, Froganas NFT collections have recorded a trading sales volume of $22 million. Froganas NFT trading sales volume has surged 33.50% from the past month.

7. DMarket NFT Collection

DMarket, an NFT collection from the NFT marketplace DMarket hosted on Mythos Chain, was the seventh most-selling NFT collection in January 2024. In the past 30 days, DMarket NFT collection has recorded a trading sales volume of $20 million.

8. Gods Unchained NFT Collection

Gods Unchained, an NFT collection allowing holders to participate in digital trading cards Gods Unchained, has been the eighth most-selling NFT collection in January. In the past 30 days, Gods Unchained NFT collection has garnered a trading sales volume of $19 million.

9. $LIGO BRC-20 NFT Collection

$LIGO, a non-fungible token collection created on the Bitcoin blockchain network using the BRC-20 protocol, was the ninth most-selling NFT collection in January. In the past 30 days, the $LIGO BRC-20 NFT collection garnered a trading sales volume of $19.6 million.

10. $?? BRC-20 NFT Collection

$Question??, an NFT collection created on the Bitcoin blockchain network using the BRC-20 protocol, was January’s tenth most-selling NFT collection. In the past 30 days, $?? BRC-20 NFT collection has attracted a trading sales volume of $19.3 million. $?? BRC-20 NFT sales have surged 380% from the past month.

Top Expensive NFT Collection Sold In January

RBX Vesting Voucher #42 was the most expensive NFT collection this month, selling for $741,910 thirty days ago. LockDeal NFT #1675 was the second most expensive NFT collection sold in January, selling for $452,943 twenty-four days ago.

The NFT Market Prediction For February 2024

Despite plummeting in the past few weeks, the non-fungible token market showcases promising signs of returning to an upside trajectory. According to Statista, the Revenue in the NFT market is projected to reach $2.3 billion in 2024. The NFT revenue is expected to show an annual growth rate of 9.10%, resulting in a projected total of $3.3 billion by 2028.