Source: Dapp Radar
While the cryptocurrency market continued to drop double digits from all-time highs, the non-fungible token (NFT) market surged in January, even excluding artificial transactions, according to dapp news distributor DappRadar.
Sales in the NFT market increased by around 16% since December, reaching US$XNUMX billion and breaking the US$XNUMX billion mark for the first time since August XNUMX, according to data. of the company. With artificial exchanges it reached €XNUMX billion, they added in their latest report.
Furthermore, the analyst estimated that the market capitalization floor (the lowest cost for collectibles) for the top hundred NFT collectibles reached €14.8 billion last month. This represents a fifteen percent drop since November despite the cost of ethereum (ETH) falling fifty percent over the same period, according to the report. In addition to this, the value of certain NFTs, such as BAYC, MAYC, Doodles, World of Women, increased in January, he added.
A new player, LooksRare NFT Marketplace, entered the market, reaching €XNUMX billion in trading volume and "dwarfing NFT's impressive start to the year."
While "looking at the trading volumes by itself may indicate that LooksRare is outperforming OpenSea and other related markets by a large margin," an "in-depth analysis of other on-chain metrics points to the opposite," DappRadar stated, for the fact that "the metric is inflated by artificial trading." plagiarism.
According to data from DappRadar, roughly XNUMX zero unique merchants transacted at any given time on OpenSea in January, nearly XNUMX% more merchants than the XNUMX zero identified on LooksRare.
"The number of sales follows exactly the same pattern, with over four and seven million transactions executed on OpenSea versus thirty-three and seven hundred and fifty hosted on LooksRare," according to the report.