The trading volume of non-fungible tokens (NFTs) skyrocketed in January as the crypto markets mounted a recovery from a months-long bear market.
According to new data from market intelligence platform DappRadar, NFT sales jumped up by 38% on a month-to-month basis to $946 million in January, the highest trading volume recorded since June 2022.
It also finds that NFT sales soared 42% from December 2022.
“The NFT market seems to be recovering with the surge of NFT trading volumes and sales counts in January 2023. The NFT trading volume recorded a 38% increase from the previous month, reaching $946 million. This is the highest trading volume recorded since June 2022. The sales count of NFTs also increased by 42% from the previous month, reaching 9.2 million.”
DappRadar also finds that the decentralized finance (DeFi) sector of the industry is also regaining strength as the total value locked (TVL) on DeFi has risen 26.8% from December to January.
“The DeFi market showed signs of recovery in January 2023 as the [TVL] increased by 26.82%, reaching…
