NFT Market Insights: Understanding the 31% Sales Volume Increase in January 2023
The NFT market saw a 31% increase in total sales volume in January 2023. Does it mean NFTs are coming back to the game..?
Not really.. Number of sales (438K) and active wallets (152K) is almost the same as it was in December. So, what actually happened was that the average selling price increased, and some pieces had a notably significant impact on it!
To find what is the reason for the increasing prices, let’s check some noteworthy events in January:
- Porsche has entered the NFT market with a 7,500-piece collection based on the Porsche 911. The NFTs will be customizable with Performance, Lifestyle, or Heritage options.
- Rarible has launched a tool to help NFT creators set up custom marketplaces.
- AI art is gaining popularity in the NFT community.
- “Lore” is becoming essential in NFT projects for storytelling and creating a universe.
We can already see how many segments are touched on in the recent news. Looking at NFT segments rather than the overall NFT market is essential to track different market trends, have more accurate representation, find better investment opportunities, and increase transparency. This is precisely what we are doing below with my messy graphs. Pause for a second, explore them & think, which of these segments would you invest in?
To reward you for the fantastic analytical job, let me share the main NFT trend that we saw at the beginning of 2023 and can expect in the following months! It is… NFTs adoption in ALL industries and integration with MANY existing platforms. NFTs are being used in:
- Gaming to create unique in-game items like rare weapons or characters that players can own and that can’t be duplicated.
- Social Media to enable users to sell their content, monetize their creations and have more control over their content.
- Government Uses for administrative purposes such as land ownership records, identity verification, and authenticating and protecting art and cultural heritage.
- Film and TV Industry to monetize and distribute content and create new revenue streams for creators.
- Real Estate to record and transfer ownership of homes and properties securely and efficiently.
- Fashion Industry to authenticate and track ownership of luxury goods and fashion items.
- Music Industry to monetize and distribute music and create new revenue streams for artists.
- Sports Industry to authenticate and track ownership of collectible sports memorabilia.
- Healthcare Industry to securely store and transfer patient health records.
- Charitable Causes to raise money for Covid relief efforts.
Even more news and numbers in Web3x NFT market monthly overview. Check here!
