NFT Sales Volume Dropped by 37% in January

However, overall non-fungible token (NFT) profits are up 40.89% for the month. 

According to CryptoSlam, the NFT market continues to experience uncertainty, with a 13.62% decrease in average sales values over the month, amounting to $101. 

Additionally, the volume decreased by $1.139 billion compared to December’s figure of $1.773 billion.

NFT market dynamics over the last few months. Source: CryptoSlam

The number of NFT buyers and sellers has increased compared to November 2023. Concurrently, the total number of transactions rose, reaching nearly 41%, totaling 11.3 million.

However, this growth may not indicate that the NFT market is starting to come alive again. The presence of so-called wash trading is prevalent in this sector, where sellers engage in numerous transactions to inflate prices artificially.

The number of sellers and buyers experienced a slight increase from December, reaching 740,476 and 1,015,041, respectively..

Anyway, these figures were lower in November. Specifically, the number of NFT sellers stood at 483,580, and the number of buyers was 537,379. Overall, one can conclude there is growth, but it’s crucial to look at the bigger picture.

Change in the number of NFT sellers and buyers. Source: CryptoSlam

What is happening to the NFT market?

Previously, we reported that the NFTs market demonstrated its best Q4 performance throughout 2023, with a turnover growth of $576.58 million. However, this remains notably below the levels observed in 2022.

Coin89 Analytics indicates that the Polygon blockchain emerged as the market leader in January, minting 16 million NFTs during the month.

https://twitter.com/Coin98Analytics/status/1754080136075550860?ref_src=twsrc%5Etfw” target=”_blank” rel=”noopener

In the rankings, Gnosis secured the second position with 10.4 million, while Base claimed the third spot with 3.3 million NFT minted.

It’s worth noting that Bitcoin did not feature among the leaders despite its blockchain having the most significant volume in Q4, surpassing Ethereum.

On the other hand, Ethereum witnessed the creation of 1.1 million NFTs in January, securing the eighth position on the list.

Solana surpassed Ethereum in the number of NFTs created in January, reaching the 1.2 million mark and securing the 7th position in the rankings.

New players have entered the NFT market, with zkSync and Aptos securing the 5th and 6th positions, respectively.