January was an auspicious month for the NFT market
As the digital currency market improved in the new year, the state of the NFT (Non-Featured Tokens) market also recovered. The trading volume of NFT tokens increased significantly in January.
According to Wallex and quoted by Daily Hodl, DappRadar service data shows that the sales of NFTs in January jumped 38% to $946 million, which is the highest amount recorded since June 2022.
The data also shows that the number of NFT token sales has grown by 42% compared to December. The report of the Deep Radar website added:
With the increasing volume and number of NFT transactions, it seems that the state of the NFT market is improving. NFT trading volume increased by 38% compared to the previous month and reached 946 million dollars. This is the highest volume recorded since June 2022. The number of sold tokens reached 9.2 million with a 42% growth compared to the previous month.
In another part of its report, DeepRadar examined the state of the DeFi field. With total value locked (TVL) of DeFi platforms growing by 26.8% in January, the sector also appears to be recovering:
The DeFi market showed signs of improvement in January 2023; The total value locked increased by 26.8% from the previous month and reached $74.6 billion. While this metric has greatly benefited from the rise in cryptocurrency market prices, other on-chain indicators are also showing an upward trend.
DappRadar’s findings show that Lido Finance’s liquid staking platform has become the largest DeFi protocol on the Ethereum network after passing Maker DAO.
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