The beginning of 2023 has seen a robust and positive trend, especially in the NFT market. A thriving and optimistic quarter for NFTs, DeFi, and gaming is indicated by on-chain measures, which have shown tremendous growth and activity.
The NFT Trading Volume and Sales
The NFT trading volume in January 2023 grew to $946 million. This is an all-time high recorded from December. Also, the sales count of NFTs increased by 42% from the previous month, reaching $9.2 million.
The top NFT blockchain Ethereum now dominates with 78.5%. It records a trading volume of 37.29% reaching $659 million. Also, the sales have a breaking record of 7.37%. This is an upward trajectory from the previous month. The mark projected now is above $2 million.
Yuga Labs’ NFT
This Yuga Labs’ NFT collection has contributed to the ecosystem’s growth. The trading volume of the collections this month stands at $324.8 million. And presents 34.3% of all NFT trading volume. Meanwhile, the latest NFT project Sewer Pass is trending. These collectibles give holders access to an online game called Dookey Dash.
DeGods and Monkey Kingdom
Solana has secured second place with 23.7%. Which is an increase in trading volume reaching $86 million. The top NFTs collections on Solana are DeGods and Monkey Kingdom. Although the trading volume increased, the sales decreased by 5.7% reaching $788, 992.
Donald Trump Cards
Polygon records a high increase in NFT trading volume of $46 million dollars. And the sales count reached $4.5 million in December. This is an increase of 157.39%. And the cause of this growth is because of Collecting Donald Trump Cards. The cards are a Mocaverse Realm Ticket Pass.
The NFT Immutable X
The NFT Immutable X recorded a 3.67% decrease in its NFT trading volume. The sales total however grew by 2.39% and topped $564,000. The top two NFT collections on Immutable X are Gods Unchained and Illuvium Land. So the trading volume of these two is $9.89 million and $1.46 million respectively.
Defi protocol
Lido Finance surpassed Maker DAO in January to take the top spot among DeFi protocols. LSD guidelines for liquid staking have played a significant role in this. LSDs are becoming more popular as a result of Ethereum adopting proof-of-stake (PoS). The staking system on Lido gives users access to liquid ether staking without committing to the 32 ETH protocol standard.
Blockchain Gaming
Blockchain gaming is among the fastest-growing segments in the Web3 industry. The number of wallets active reached 839,436 an upward trajectory of 45.2%.
Conclusion
The NFT market trade volume and sales counts increased to $946 million. Thus, representing 58% of the total trading volume of the NFT market. OpenSea has an increase in trading volume of 66.58% reaching $495 million. Moreover, DeFi’s TVL growth continues as it reaches $74.6 billion, up 26.82%.