Ethereum NFT market value shrank 59.6% in 2022; NFT trading volume jumps 38% in January

by James · February 9, 2023

The total market value of the NFT collections distributed on Ethereum (ETH) recorded a 59.6% drop in 2022, according to a DappRadar report.

The combined market capitalization of the ETH-based NFT projects started the year 2022 at $9.3 billion and ended at $3.7 billion, according to the report. However, numbers from January indicate that the NFT market started to flourish, which includes ETH-based NFTs.

Yuga Labs

ETH has 81 NFT pools deployed on its chain. The numbers indicate that Yuga Lab’s NFTs account for 67% of the total NFT market cap on the ETH chain.

Yuga Labs includes popular NFT collections such as CryptoPunks, Bored Ape Yacht Club (BAYC), Bored Ape Kennel Clum (BAKC), Mutant Ape Yacht Club (MAYC), Meebits and Otherdeeds for Otherside.

Together, CryptoPunks and BAYC make up 46.7% of the total ETH NFT market cap. BAYC, with a bottom price of $98,438, recorded a trading volume of $49 million in January.

NFTs in January

In January, NFT trading volume recorded a growth of 38% from around $700 million in December 2022, according to another report by DappRadar. The current trading volume of $946 million marks an all-time high since June 2022. NFT sales figures also increased from 6.7 million in December to 9.2 million in January, reflecting a growth of 42%.

ETH also ranks first in the highest NFT trading volume. The chain’s trading volume registered a 37% increase from $480 million in December 2022 to $659 million in January.

Solana (SOL) and polygon (MATIC) followed ETH as second and third with $85 million and $46 million, respectively. While SOL recorded a 23% increase from December’s $69 million, MATIC stood out by recording the third highest growth rate of the month at 124%.

Landslide (AVAX) and Tezos (XTZ) recorded the first and second largest monthly growth rates, at 451% and 150%, respectively. Immutable X (IMX) and WAX (WAXP) blockchains, on the other hand, recorded -3% and -32% declines in January, respectively.

Posted in: Ethereum, NFTs

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