Have NFTS MADE A COMEBACK?
Entrepreneur magazine|March 2023
After remaining in bear trend for six months, the NFT market is slowly getting back on its feet with trading volumes up for the two consecutive months.
Have NFTS MADE A COMEBACK?

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

Denne historien er fra March 2023-utgaven av Entrepreneur magazine.

Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.

Denne historien er fra March 2023-utgaven av Entrepreneur magazine.

Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.

FLERE HISTORIER FRA ENTREPRENEUR MAGAZINESe alt
THE BOOKWORM
Entrepreneur magazine

THE BOOKWORM

SASHANK RISHYASRINGA, CO-FOUNDER AND MANAGING DIRECTOR, AXIO (FORMERLY CAPITAL FLOAT)

time-read
1 min  |
March - April 2025
'The Sword We Refuse to Die On'
Entrepreneur magazine

'The Sword We Refuse to Die On'

Some people tell Chip and Joanna Gaines to play it safe, and to keep doing what made them famous in the first place. But they're ready to take more risks—because that's the entrepreneurial way.

time-read
5 mins  |
March - April 2025
How to Tell Your Brand's Story
Entrepreneur magazine

How to Tell Your Brand's Story

Your company does many things, but you must communicate it all in just a few words.

time-read
5 mins  |
March - April 2025
Mister Percussionist
Entrepreneur magazine

Mister Percussionist

Beyond corporate corridors, Vijay Subramaniam, 40, finds solace and joy in music.

time-read
1 min  |
March - April 2025
HOW INDIA'S REFURBISHED TWO-WHEELER MARKET IS SHIFTING GEARS IN 2025
Entrepreneur magazine

HOW INDIA'S REFURBISHED TWO-WHEELER MARKET IS SHIFTING GEARS IN 2025

Ever thought of buying a second-hand two-wheeler? India is seeing a surprising rise in the popularity of pre-owned and refurbished two-wheeler vehicles.

time-read
2 mins  |
March - April 2025
Why Customers Come Back
Entrepreneur magazine

Why Customers Come Back

What makes an in-person experience worth putting on autopay? This fitness studio founder has it dialed in.

time-read
2 mins  |
March - April 2025
e-Cars Drive Into Tier II, III Cities
Entrepreneur magazine

e-Cars Drive Into Tier II, III Cities

Cities such as Jaipur, Lucknow, Thiruvananthapuram, Surat, Coimbatore, are embracing four-wheel electric vehicles (EVs)

time-read
3 mins  |
March - April 2025
GCCs: THE MULTIPLIER EFFECT
Entrepreneur magazine

GCCs: THE MULTIPLIER EFFECT

GCCs are serving as dynamic multi-dimensional contributors that enable parent organizations to achieve results and scalability in an agile manner and maintain long-term growth.

time-read
4 mins  |
March - April 2025
COUPLE PRENEURS
Entrepreneur magazine

COUPLE PRENEURS

HOW COUPLES ARE TREADING THE ENTREPRENEURIAL JOURNEY TOGETHER

time-read
6 mins  |
March - April 2025
REDEFINING WELLNESS
Entrepreneur magazine

REDEFINING WELLNESS

Nestled in the serene embrace of Peacock Valley, Pune, Swastik - A Luxury Wellbeing Sanctuary stands as a haven that intertwines ancient wisdom with modern science.

time-read
3 mins  |
March - April 2025