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NFT Market Sees Third Consecutive Month of Growth

2 mins
Updated by Ryan Boltman
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In Brief

  • The NFT market shows signs of recovery, with a third consecutive month of growth.
  • Trading volume was the highest since June 2022, rebounding after the nadir of October and November.
  • OpenSea experienced a 66.58% increase in NFT trading volume since December, reaching a staggering $495 million.
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With its third consecutive month of growth, the NFT market looks like it is taking a turn for the better.

According to the Dapp Industry Report: January 2023 by DappRadar, the NFT market registered $946 million in trading volume from a total of 9.5 million sold NFTs. The trading volume is also the highest since June 2022. However, that might not be the most impressive stat. June 2022 was the same month the NFT market crashed from sales of over three billion in May. 

In October and November last year, the NFT market saw only $662 million in trading volume after FTX collapsed.

OpenSea experienced a 66.58% increase in NFT trading volume, reaching a staggering $495 million. The king of NFT marketplaces represents 58% of the market with $495 million in trading volume.

Marketplace Dominance in NFT Trading Volume
Source: DappRadar

Ethereum is still the chain with the most NFT trading volume, with 78.5% dominance. However, Polygon is showing significant momentum, with trading volume growing 124% month-over-month to $46 million in January 2023.

Blockchain Gaming Still Looks Bullish

The report also shared other interesting findings. In January, the dApp industry took a hit with a significant drop in daily Unique Active Wallets (dUAW). January’s total was 1.7m dUAW, representing a drop of 9.55% compared to December 2022.

Also, users look like they’re returning to Solana after the FTX collapse. The troubled Layer 1 crashed in 2022 but was January’s best-performing blockchain. It reached 53,683 dUAW, representing a 70% increase from the previous month. The growth was driven by the increased use of DeFi dApps such as Raydium, MeanFi, Orca, and Saber.

The number of daily Unique Active Wallets in blockchain gaming reached 839,436. The sector increased its dominance from 45.2% to 48% in January, a significant expansion. These numbers tally with DappRadar’s recent 2022 gaming report, which showed the industry picking up momentum.

In general, the report gives plenty of reasons to be optimistic. You can read the full post on DappRadar’s website.

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Josh Adams
Josh is a reporter at BeInCrypto. He first worked as a journalist over a decade ago, initially covering music before moving into politics and current affairs. Josh first owned Bitcoin in 2014 and has followed the space ever since. He is particularly interested in Web3 adoption, policy and regulation, CBDCs, privacy, and the future of the metaverse.
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