In January 2023, the total NFT trading volume was $946 million, which was up 38% from the previous month. The sales count of NFTs also increased by 42% from the previous month, to reach 9.2 million. In October, the trading volume of NFTs fell to a low of $662 million, but in November, the market halted the downtrend trend and stayed at $662 million. However, in December it rebounded and rose slightly to $683 million. The NFT blockchain Ethereum was the winner with a trading volume of $659 million. Its sales count also increased by 7.37% from the previous month. Solana ranked second, with a 23.7% increase in its trading volume, reaching $86 million, but its sales count decreased by 5.79%.The third slot went to Polygon, which recorded a whopping 124% increase in its NFT trading volume, reaching $46 million. The sales count of Polygon NFTs increased by 157.39% from the previous month, reaching 4.5 million.
WHY VOLUMES ARE UP
According to experts tracking this class, there are a number of factors responsible for the spike in the NFT market. Says Kameshwaran Elangovan, Co-founder and COO, GuardianLink. "The first is that people have started to understand the line of demarcation between NFTs and cryptocurrencies. The other is that the NFT market has matured a lot, creating more metaverses with stories and NFTs with utility rather than confining themselves to simple images."
Says Vikram R Singh, Founder and CEO, Antier, "The rise in trading volumes of NFTs in the last two months can be attributed to the increased demand for digital assets, such as art, music, and videos. This has been in response to the digital transformation that has taken place in the entertainment industry, as well as the increasing popularity of blockchain technology."
WHAT ARE NFTS
Esta historia es de la edición March 2023 de Entrepreneur magazine.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición March 2023 de Entrepreneur magazine.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
Chords of Success
For Saahil Goel, the deep-rooted passion for playing the guitar dates back to his high school days. Influenced by legends like Pink Floyd, Led Zeppelin, and the Pakistani band Strings, his musical journey mirrors his leadership style-balancing focus, discipline, and a collaborative spirit. Goel feels that playing guitar has enhanced his ability to balance focus and teamwork as a founder of an eCommerce shipping start-up.
IS YOUR RENT TOO DAMN HIGH?
Many small business owners struggle with their rents. Here's what to do.
HOW TO BOUNCE BACK FROM A BAD REVIEW
A one-star review can hurt your ego - and your business. But it's possible to prevent (and remedy!) this scary scenario.
HOW TO HIRE FOR THE FUTURE
Small businesses are struggling to find quality labor. So flip the conversation: Show workers how your business will set them up for opportunity.
You Can Hire Like Netflix
The streaming platform built an incredible team with a strategy called “talent density.” But you don’t need to be a tech giant to do it.
Speedy Growth Killed My Startup
We seemed to be rocking it - lots of press, major partnerships. Then we learned the harsh consequences of overlooking our customers.
Three Pivots to $100 Million
How do you find a working business model? Do it like Rowan-a brand that reinvented itself many times before finally piercing the ear-piercing market.
What Goals Actually Matter?
Some benchmarks are more important than others so what should you really care about? We asked six founders for their hardest-won lessons.
'Only the Strongest Are Going to Survive'
Brian Lee cofounded companies like LegalZoom and ShoeDazzle-and he believes a lot of conventional business wisdom is backward. Sure, it's harder to raise capital. But it's actually cheaper than ever to start a company.
HOW TRUST SAVED KFC
The former CEO of Yum! Brands explains how he turned around a struggling KFC-and the important lesson it offers for anyone in franchising.
