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
This story is from the March 2023 edition of Entrepreneur magazine.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the March 2023 edition of Entrepreneur magazine.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
How To Ask Family For Money
Your friends-and-family fundraising round doesn't have to be scary and awkward. Here's advice from one of the world's leading investors.
Data Breach Drama: When Trust Turns Costly In A Digital Age
Amid data breaches surges, Indian businesses are prone to financial and reputational fallout. Can cyber insurance emerge as a safeguard?
THE TERRAIN TAMER
Spearheading a California-based, Series D SaaS company is no easy feat. It requires a blend of ownership, innovation, and the ability to handle stress. But Anand Jain, co-founder and chief product officer of Clever Tap, finds his calm by escaping to rough terrain whenever he gets the chance-be it India or Colombia.
THE INTELLIGENT READS
Hardika Shah founded Kinara Capital in 2011 with the mission to address the acute credit gap in the micro-small-medium-enterprises (MSME) sector in India, by providing fast and flexible business capital to small business entrepreneurs. Despite operating in highly competitive and tough market of collateral free loans, Kinara Capital has been steadily growing in Hardika's leadership. In conversation with Entrepreneur, Hardika shares insights on her favourite books.
THE CURSE OF GROWING TOO FAST
FAIRE is a platform for small businesses, but it grew big the wrong way-almost becoming a $12 billion wreck. Here's how it fixed the problem, and why you should think twice before skyrocketing.
There's No Perfect Answer
I worked the same job for 19 years. I hated it, but it paid the bills. Then, in 2017, I entertained an exciting but terrifying question: Could I be an entrepreneur? I wasn't sure, so I needed something that felt like a guarantee. I searched for signs that would feel like a big, clear \"yes!\"
Give Yourself the Gift of Time
Happy holidays! Emmy Award-winning tech expert Mario Armstrong has five recs to get more hours in the day.
How to Become a Main Street Millionaire
It started when I bought one little laundromat. Now I have a whole portfolio of small local businesses that bring in tens of millions in revenue a year. Here's why following my playbook could be your ticket to financial freedom-and saving America's local small businesses.
Want to Better Serve Your Clients? Become Them.
As a designer for brands, starting my own product company gave me a dose of humility-and it changed the way I relate to clients.
How to Succeed With Gen Z Workers
People often say that younger employees are different. But are they? We asked six business leaders what they've learned, and how their teams thrive.
