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

BotPsy Sets New Standards in AI Performance Benchmarks

Tether's QVAC BotPsy has achieved impressive scores in AI performance benchmarks, scoring 440 on BFCL v4 and 587 on ACEBench, surpassing larger models and demonstrating the potential of smaller AI models.

user avatarMiguel Rodriguez

Tether Launches Innovative AI Model QVAC BotPsy

Tether introduces QVAC BotPsy, an AI model with 800 million parameters that excels in performing everyday tasks on personal devices.

user avatarRajesh Kumar

CoreWeave's Strong Q3 Performance Boosts AI Sector Sentiment

CoreWeave's strong Q3 results have increased investor sentiment in the AI sector, reporting $366 million in revenue, a 168% year-over-year increase, and raised full-year guidance.

user avatarLuis Flores

Deutsche Bank Launches Crypto Custody Service for Institutions

Deutsche Bank has officially launched its crypto custody service for institutional and corporate clients in Europe.

user avatarArif Mukhtar

Yana Prikhodchenko Takes the Helm as CEO of Phase

Yana Prikhodchenko has been appointed as cofounder and CEO of Phase, a technology company focused on the AI agent economy.

user avatarDavid Robinson

Phase Unveils Layer 1 Blockchain Mainnet and AI Agent Services

Phase has launched its Layer 1 blockchain mainnet and AI agent services, enabling autonomous operations for AI agents.

user avatarMaria Gutierrez

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.