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

Investigation into Zondacrypto Founder’s Disappearance Intensifies

The investigation into the disappearance of Zondacrypto founder Sylwester Suszek has intensified as Polish police search a fuel depot linked to his last known whereabouts.

user avatarTenzin Dorje

OKX Introduces Shield to Enhance User Security in Europe

OKX has launched a new initiative called OKX Shield aimed at improving exchange security for European users by requiring a hardening checklist for tiered financial protection against account takeovers.

user avatarAisha Farooq

Former Police Officer Charged in Zondacrypto Exchange Collapse

Former police officer Artur K has been charged with multiple offenses related to the collapse of the Zondacrypto exchange, including membership in an organized criminal group and aiding in the misappropriation of funds.

user avatarBayarjavkhlan Ganbaatar

Anchorage Digital Enhances Stablecoin Infrastructure with LayerZero Partnership

Anchorage Digital has partnered with LayerZero to enhance its regulated stablecoin infrastructure, enabling seamless crosschain movement of stablecoins.

user avatarMohamed Farouk

ARK Venture Fund Receives SEC Approval for Innovative Investment Classes

ARK Venture Fund has received SEC approval to create two new investment product classes: Exchange Class and Tokenized Class.

user avatarElias Mukuru

Sui Maintains Over $1 Billion in DeFi Liquidity

Sui continues to hold more than $1 billion in decentralized finance liquidity, with active on-chain trading.

user avatarDiego Alvarez

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.