In January, NFT sales increased by 38%. Collectors, investors, and celebrities are driving the NFT trade. However, “Bored Apes” NFTs have been making waves in the market.
What are Bored Apes?
The Benefits of Owning Bored Apes NFTs
Bored Apes NFTs can appreciate in value. Bored Apes NFTs are valued because they are scarce, like other collectibles. Blockchain technology makes NFTs distinctive and verifiable, making them more appealing to collectors and investors.
Bored Apes NFTs can be shown in creative ways. Digital galleries, social media, and physical places can display NFTs. Collectors may showcase their investments and exhibit their style.
The Future of NFTs and Bored Apes
Many experts expect NFTs and bored apes to expand and become more popular in the future. As technology advances, NFTs may become easier to buy, sell, and trade. Decentralized finance (DeFi) and gaming NFTs will certainly increase demand and costs.
Bored apes are propelling the NFT market’s rise. NFTs are becoming more popular as investments due to their distinctive artwork, traceable ownership, and possible value appreciation. NFTs and bored apes may remain important in collections and investment as technology advances and demand rises.
According to DappRadar, organic trade volume increased 38% from December to January in the NFT arena.
The analytics firm tracked $946.7 million in NFT asset sales last month across different blockchain networks and marketplaces. The market-wide total was the highest since June 2022, up from $683.9 million in December.
DappRadar eliminates data from suspicious wash transactions or manipulative sales. In wash trading, a user sells an NFT at an inflated price between their own wallets to game a marketplace rewards model or promote a lesser-known project.
January’s organic trading volume and NFT transactions increased. DappRadar recorded over 9.5 million NFT sales in January, the most since February 2022. That’s 42% more than December’s 6.7 million NFT sales.
NFTs are blockchain tokens used for digital collectibles, artwork, video game gear, and fashion.
According to DappRadar, every major blockchain protocol had NFT sales growth in January, with Ethereum sales volume rising from over $558 million in December to over $772 million in January and Solana sales volume rising from $69.5 million to almost $86 million.
Even Flow, the platform underlying Dapper Labs’ NBA Top Shot and NFL All Day, rebounded from $6.8 million in December to $7.8 million in January.
Opensea Largest NFT Marketplace in January
According to DappRadar, OpenSea was the largest NFT marketplace in January with $495 million in trade volume, up from $297 million in December. The platform exceeded its Ethereum NFT volume total with more than a week left in January, signalling a market-wide revival.
Despite a slow second half of 2021, the market had $25 billion in organic trade volume in 2021 and 2022.
Yuga Labs’ Sewer Card, an NFT access pass for Bored Ape Yacht Club and Mutant Ape Yacht Club owners, helped increase the marketplace this month. Yuga Labs banned Blur and LooksRare from selling the pass, which enables holders to play a new web game, over creator royalty conflicts.
Bored Ape Yacht Club and its collections drove NFT sales increases in January. According to CryptoSlam data, Bored Ape trade volume has increased by 45% in the last 30 days, with a market-leading $71 million in transactions.The Sewer Pass has traded over $58 million since mid-January.
Sales rose for Bored Apes and others. Azuki rose to 89%, Art Blocks to 62%, and Solana project DeGods to 113% in the previous 30 days, among other top CryptoSlam projects.
Most of these metrics are decreasing drastically year-over-year. NFT trading volume peaked at $5.36 billion in January. As the crypto market dropped in May, NFT sales and prices plummeted.
However, the huge spike in NFT trading volume and asset sales in January follows modest month-over-month gains in December and coincides with rising crypto values in recent weeks.
After months of declining returns, NFT critics pronounced the industry dead, yet data shows broader participation and large project prices returning. We’ll see if the Bored Apes’ momentum keeps the market above $1 billion for the first time since June.