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

Greece Enhances Crypto Tax Transparency Measures

Greece will implement new reporting and documentation requirements for cryptocurrency purchases starting in 2027 to ensure funds come from declared income or lawful sources.

user avatarTomas Novak

Greece Introduces 10% Tax on Crypto Investment Profits

Greece introduces a 10% tax on individual crypto investment gains starting January 1, 2027.

user avatarEmily Carter

Gnosis Pay Implements Enhanced Security Measures Following Breach

Gnosis Pay has implemented enhanced security measures, including 3D Secure for online payments and increased fraud monitoring, following a data breach.

user avatarMaya Lundqvist

Gnosis Pay Reports Data Breach Affecting Customer Information

Gnosis Pay reported a data breach where hackers accessed customer information through its card system, prompting immediate containment measures.

user avatarKaterina Papadopoulou

Ueno Digital Bank Collapse Revives Bitcoin Self-Custody Debate

The collapse of Ueno Digital Bank in Paraguay has sparked renewed discussions about financial independence and self-custody of Bitcoin, highlighting both the benefits and risks associated with managing one's own assets.

user avatarLeo van der Veen

Upcoming Upgrades Could Transform Ethereum Network

Ethereum developers are preparing significant upgrades that could enhance the network's capabilities and security.

user avatarLi Weicheng

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.