NFT Market Grows In January As Big Players Launch New Collections


The nonfungible token (NFT) market seems to be recovering after a disappointing end to 2022, fueled by the ease of macroeconomic tensions and launches by some of the industry’s largest players, including Yuga Labs, Doodles and Moonbirds.

Dollar value and units sold spiked in January, according to a new report by decentralized application analytics platform DappRadar. There were 9.2 million transactions in January, up 37% from December and the highest sales count in six months.

Trading volume in dollars also boomed, hitting $946 million, up 38% and the most since the $1 billion peak in June.

“You’re starting to see some momentum from the macro perspective and a bounceback from things that were so oversold,” says Juan Leon, a research analyst at Bitwise Asset Management. Decreasing inflation and slowing interest-rate increases are benefiting risk assets across the board. . He adds that investors…

Read more…