NFT Sales Fall 36% In January 2024NFT Sales Fall 36% In January 2024
The non-fungible token (NFT) market, once considered the next big thing in the crypto world, experienced a 36% decrease in trading sales volume in January, with a total of $1.2 billion.
The number of investors buying and selling NFTs also decreased, with 93,230 buyers and 87203 sellers. Ethereum, the top most-traded blockchain network in the NFT ecosystem, saw a 15% drop in sales volume from January 2024 to December 2023.
Bitcoin, the flagship crypto, saw a 62% decrease in sales volume. Solana, a public, open-source blockchain, saw a 28% drop in NFT sales volume.
Polygon, an Ethereum scaling blockchain network, and Avalanche, a decentralized open-source blockchain network with smart contract functionality, saw a 67% and 102% increase in NFT sales volume respectively.
(With inputs from Shikha Singh)
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