NFT Market Makes a Comeback with $945 Million in January Sales

The NFT market starts 2023 with a bang, scoring over $945 million in sales and trading volume in January alone! This comeback means great news for collectors and traders after last year’s harsh bear market. What’s more, NFT sales increased by 42% compared to December 2022 – and the numbers keep on rising.

How Much Did NFT Market Sales Increase in January?

This February, we finally see the light at the end of the tunnel in terms of NFT trading. 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. Let’s have a look:

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.

What About the DeFi Sector?

Surprisingly, the DeFi niche is also getting back on track with a 26.8% rise in its total value locked between December and January.

“While this metric has been highly benefited from the rally in crypto prices, other on-chain indicators signal a bull trend,” reports DappRadar.

To conclude, 2023 is undoubtedly more promising than last year for the NFT market. If you’re a new trader, we have a guide explaining how to invest in NFTs to catch the potential bull market in 2023!

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