Non-fungible tokens (NFTs) sales have been booming this past month, reaching an astonishing $997.53 million, a 41.96% increase from December 2022. The number of digital collectible transactions also rose over 22% in the same time period.
Ethereum Leads NFT Sales With 78% of Total Transactions in January 2023
Data from cryptoslam.io shows that out of 20 blockchain networks, Ethereum dominated the NFT market with $784.87 million, or 78.681% of the total for the month. Solana followed with $150.4 million in NFT sales, accounting for 15.07% of the total. Cardano, Immutable X, and Polygon rounded out the top five blockchain networks for NFT sales.
Bored Ape Yacht Club Takes the Lead in Top-Selling NFT Collections
Bored Ape Yacht Club (BAYC) NFTs generated $71.24 million in sales, a 45% increase from December. Mutant Ape Yacht Club (MAYC) sales also rose 47.91% last month, generating $58.85 million in NFT sales. Bored Ape Kennel Club (BAKC) NFT sales skyrocketed 309% from the previous month, totaling $42.33 million in sales. The remaining top NFT collections in order were Azuki, Otherdeed, Art Blocks, Sorare, Degods, Captainz, and Hausphases. The top five NFT collections generated $242.56 million in sales in January, accounting for 24.31% of total sales.
Expensive NFTs Drive Up Market Prices
The most expensive NFT sold in the past month was BAYC #5,840, which sold for a staggering $796,444. BAYC #4,025 sold 17 days ago for $613,501, and BAYC #8,483 sold for $581,845 three days ago. Cryptopunk #9,092 and BAYC #8,483 were the fourth and fifth most expensive NFTs sold, bringing in $496,903 and $490,333 respectively.
Leading NFT Marketplaces See High Sales Volume
In terms of sales volume, Opensea led the pack with 40% of last month’s sales executed on the NFT marketplace. The NFT market Blur captured 32% of the 30-day sales, and X2Y2 recorded 8% of the month’s sales. Magic Eden NFT sales were around 7% of the month’s settled transactions, and Looksrare accounted for 2% of the NFT sales in the last 30 days, according to dappradar.com statistics.
The NFT market is clearly thriving, with record-breaking sales and growth in both the number of transactions and the prices of digital collectibles. With Ethereum leading the pack and Bored Ape Yacht Club dominating the top-selling NFT collections, it’s exciting to see what the future holds for this fast-growing market.