The NFT market has grown a lot in a month. Who made the most money.
Trading volume on NFT marketplaces is approaching peaks, and news surrounding the largest collections is keeping investors buzzing
The market for non-exchangeable tokens (NFTs) is recovering from a disappointing end to 2022. According to a new report from the decentralized app analytics platform DappRadar (dApps), there was a surge in both prices and the number of NFT units sold on marketplaces at the beginning of the year.
There were 9.2 million transactions in January, a 37% increase over December. This was the highest marketplace volume in six months. Trading volume in dollars was also up, reaching $946 million, up 38% from December, and the highest since the market peaked at $1 billion last June.
Importantly, DappRadar excludes data from transactions falling under any suspicion of manipulation in its calculations. The most popular way is the so-called "wash trading", when the owner from his own wallet makes fake sales of NFT, artificially inflating its price or imitating the appearance of excitement for a little-known project.
The Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) collections remain the market's "blue chips," and the Yuga Labs behind them retain their status as one of the most recognizable brands in the industry. In January, the company's new collection of NFTs called Sewer Passes, which serve as keys to the blockchain game Dookey Dash, accounted for 34.3 percent of all transactions in the market in January.
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Other high-profile collections also had high-profile infomercials in January. The creators of Doodles acquired Emmy-nominated animation studio Golden Wolf, and PROOF, the company behind the Moonbirds collection, contracted with Hollywood's United Talent Agency to promote the brand outside the Web 3.0 sphere in traditional advertising and TV shows. The average image price from Doodles was up 1.82% in January and Moonbirds was up 3.43%, according to NFT Price Floor.
Overall, collections in the top 10 by market capitalization survived the market downturn best, and they also had the top 10 sales in January, according to the DappRadar report. However, it is still nearly 65% lower than in January 2021.
Collector-oriented marketplaces are gradually wresting market share from those whose focus is primarily on traders and speculators. In terms of turnover, the site is second only to OpenSea, with X2Y2 and Magic Eden in third and fourth place, respectively.
PFP collections (NFT collections with profile images) remain the most successful in terms of sales on the platforms, facilitated by their high liquidity and excitement in social networks. OpenSea remains the largest site in terms of trading volume, ($495 million in January). DappRadar estimates that the platform generated about $12.3 million in revenue from commissions from trading and posting NFTs by their creators.
The Block pointed out that eBay, which bought the KnownOrigin marketplace last year, has posted several cryptocurrency and NFT-related jobs on its LinkedIn page, including a community manager, content designer and crypto-asset advisor.
Despite the encouraging market performance, NFT platform Coinbase, the second-largest cryptocurrency exchange, announced that it is suspending the posting of new collections. However, company representatives stressed that this does not mean the closure of its platform.
Coinbase's NFT platform was not among the top six trading platforms analyzed by DappRadar, and its trading volume, according to Dune Analytics, is only $7.3 million over its entire existence, roughly equivalent to 7% of OpenSea's January performance.
DappRadar analysts note that all significant protocols saw sales increase in January: NFT sales on the Ethereum blockchain jumped from nearly $558 million in December to over $772 million in January, and on Solana from $69.5 million to $86 million respectively. The largest NFT collection on the Solana blockchain called "DeGods" showed a 113% increase in trading volume for January, despite its authors announcing plans to migrate to Polygon in late December.
NFT sales on Polygon were up 157% from December, reaching 4.5 million units. This was largely driven by the launch of Donald Trump's NFT collection, with sales of $12.1 million since launch, as well as the popularity of NFT passes to the Mocaverse meta-villages
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