Despite the crypto winter, the NFT market is growing

Despite the crypto winter, the NFT market is growing

user avatar

by Max Nevskyi

3 years ago

Despite the overall downturn in the crypto market, the NFT market saw noticeable growth in January. Indices tracking NFT collection prices rose nearly 10%, outperforming many cryptocurrencies, including Ethereum, which increased just over 2%. The NFT-500 index, monitoring the 500 most valuable NFT collections, recorded a 9.35% increase since the start of the year, and the Blue Chip-10 index showed similar growth. Ethereum's value rose by 2.2% over the same period.

Yat Siu, the founder of Animoca Brands, pointed to the maturity and diversity of the NFT space as reasons for the recovery of NFT prices from the lowest levels of the 2022-2023 crypto winter. He noted that most speculators in the NFT and GameFi space have left, strengthening the foundation as those remaining are genuinely interested.

The average price of NFTs fell by 13% to $107, but the upward trend continues. The number of transactions in the NFT space increased by 30%, while sales volume decreased by 36% to $1.1 billion. Wash trading accounts for 39% of the total volume. High transaction fees on the Ethereum network compared to others, such as Solana, have led to a decrease in Ethereum NFT transactions. Frequent airdrop events in other networks also encourage users to switch to different platforms.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Circle and Global Citizen to Implement USDC Payments for Move Afrika Vendors

Circle and Global Citizen announce a partnership to implement USDC payments for vendors involved in the Move Afrika initiative, starting in Rwanda in 2027.

user avatarTando Nkube

Fold Focuses on Customer Retention with New Products

Fold focuses on customer retention and balances with new products like Fold Reserve and Lead Bank spending accounts.

user avatarNguyen Van Long

Onramp Introduces New Business Bitcoin Account with Enhanced Security Features

Onramp has launched a new business Bitcoin account focusing on security and governance, supporting up to three named users and role-based permissions.

user avatarKofi Adjeman

Fold Reports $42 Million Revenue and $26 Million Net Loss in Q3

Fold reported $42 million in revenue and a $26 million net loss for Q3, attributing growth to Bitcoin gift card sales via TikTok Shop.

user avatarSatoshi Nakamura

Hyperscale Data Shifts Focus to Mining and Infrastructure Development

Hyperscale Data plans to generate future Bitcoin balances primarily from mining while targeting infrastructure development.

user avatarJesper Sørensen

Hyperscale Data Completes Sale of Remaining Bitcoin Reserves

Hyperscale Data has sold its remaining Bitcoin reserves, raising approximately $16 million for debt reduction and its Michigan AI campus.

user avatarRajesh Kumar

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.