The NFT market experienced a surge in January as economic tensions eased and well-known industry players released new collections. Statistics show that NFT sales shot up by 41.96% in January, reaching $997.53 million. Furthermore, the number of digital collectible transactions has also witnessed a surge, increasing over 22% compared to the previous month.
Also note that the growth of the NFT industry can be attributed to the work of major players in the market. One such player is Yuga Labs, which made a big impact in January by accounting for 34.3% of all NFT transactions with its latest release, the Sewer Pass collection. This collection functions as the key to the company’s latest blockchain game. Other companies, like Doodles and Moonbirds, have taken strategic steps to strengthen the NFT market. For example, Doodles acquired an Emmy-nominated animation studio and Moonbirds signed a contract with a Hollywood talent management company.
Ethereum-based NFTs continued their reign as the most sought after in January, controlling 36% of the market. The Polygon MATIC network saw a striking 124% increase in NFT trading volume, amounting to $46 million, making it the fastest growing NFT platform. The popularity of Polygon NFTs skyrocketed with a 157% increase in sales from December, reaching a total of 4.5 million units.
Bored Ape Yacht Club Dominates NFT Market with $71.24 Million in Sales
The best-performing NFT collections this year have been profile picture collections, which are in high demand due to their liquidity. The top-selling NFT collections for January 2023 included the Bored Ape Yacht Club (BAYC), which generated $71.24 million in sales. Other top performers include the Mutant Ape Yacht Club (MAYC), which rose 47.91% to $58.85 million in sales, and the Bored Ape Kennel Club (BAKC), which jumped 309% to $42.33 million in sales.
The most expensive NFT sold in January was the BAYC #5,840, selling for a whopping $796,444. Other top-selling NFTs included the BAYC #4,025, which sold for $613,501, and the Cryptopunk #9,092, which sold for $496,903.