NFT Sales Down 36% in January 2024 – Will we see an uptick again this coming February?

The non-fungible token market, once hailed as the next big thing in the burgeoning cryptocurrency world, experienced a sharp decline in January this year due to a reversal in NFT trading sales and trading activity. In this article, we will find out whether the NFT market will test positive growth again in the coming February.

NFT sales fell 36% in January

The global non-fungible token market recorded slight negative growth in January this year, according to data obtained from on-chain market data aggregator CryptoSlam.io. Transactional sales volume in the NFT market over the past 30 days was $1.2 billion, a 36% decrease compared to December 2023.

The number of investors buying and selling NFTs also decreased during this period. Over the past 30 days, the global NFT market recorded 93,230 buyers and 87,203 sellers. The number of NFT buyers plummeted by 33%, and the number of NFT sellers plummeted by 30.88%.

Ethereum, a popular decentralized blockchain that supports cryptocurrencies and collections of non-fungible tokens, was the most traded blockchain network in the NFT ecosystem in January. In the past 30 days, Ethereum-based NFT collections have recorded $350 million in transaction sales. Ethereum NFT sales plummeted 15% from January 2024 to December 2023.

Bitcoin, the same blockchain network that powers the flagship cryptocurrency ‘Bitcoin’, was the second most traded blockchain network in the NFT ecosystem in January this year. Over the past 30 days, digital collectibles hosted on Bitcoin recorded $327 million in transaction volume. Bitcoin-based NFT sales in January decreased by 62% compared to the previous month.

Solana, a public open-source blockchain that supports smart contracts, including non-fungible tokens (NFTs) and a variety of decentralized applications, was the third most traded blockchain network in the NFT market in January. In the past 30 days, Solana-powered NFT collections have recorded $229 million in transaction sales. Solana NFT sales plummeted 28% compared to the previous month.

Polygon, an Ethereum-scalable blockchain network, and Avalanche, a decentralized open source blockchain network with smart contract capabilities, were the fourth and fifth most traded blockchain networks in January in the burgeoning NFT ecosystem.

In the past 30 days, Polygon-based NFT collections have sold 112 million transactions, while Avalanche-based NFTs have sold $45 million. During this period, polygon-based NFT sales increased by 67%, and Avalanche NFT sales increased by 102% compared to last month.

Ethereum Drives NFT Wash Trading

Ethereum topped NFT wash trades, generating over $389 million in the past 30 days. According to the explanation, wash trading is a form of market manipulation where cryptocurrency investors sell and buy the same NFTs at the same time, giving a false impression of market activity. This practice is considered illegal in most jurisdictions.

Top Selling NFTs in January 2024

1. Bitcoin Ordinal ‘Unclassified NFT’

Bitcoin Ordinals, a collection of non-fungible tokens created on the Bitcoin blockchain network using Satoshi Nakamoto’s ordinal theory, is this month’s best-selling NFT collection. In the past 30 days, the Bitcoin Ordinals collection has recorded $47 million in sales. Nevertheless, Bitcoin Ordinal NFT sales in January decreased by 36% compared to the previous month.

2. Gas Hero Common NFT Collection

In January, Gas Hero Common, a collection of non-fungible tokens hosted on Polygon, the Ethereum scaling net, was the second best-selling NFT collection. In the past 30 days, the Gas Hero Common NFT collection has recorded $40 million in transaction sales.

3. CryptoPunks NFT Collection

CryptoPunks, a previous NFT collection from digital asset company Larva Labs that featured a limited set of 10,000 pixel NFTs hosted on the Ethereum blockchain network, was the third best-selling NFT collection in January. In the past 30 days, the CryptoPunks NFT collection has recorded $31 million in transaction sales. During this period, Cryptopunks NFT sales surged 183% compared to last month.

4. Tokyo NFT Collection

Dokyo, an NFT collection containing 5,555 NFTs hosted on the Avalanche blockchain network, was the fourth best-selling NFT collection in January. In the past 30 days, the Dokyo NFT collection has recorded $30 million in transaction sales. Tokyo NFT trading volume surged 310% this month compared to last month.

5. CryptoUndeads NFT Collection

CryptoUndeads, a relatively new non-fungible token collection hosted on the Solana blockchain network, was the fifth best-selling NFT collection in January. In the past 30 days, NFT collections have recorded $24 million in transaction sales.

6. Proganas NFT Collection

Froganas, an NFT collection hosted on the Solana blockchain network, was the sixth best-selling NFT collection in January. In the past 30 days, the Froganas NFT collection has recorded $22 million in transaction sales. Proganas NFT trading volume surged 33.50% compared to last month.

7. DMarket NFT Collection

DMarket, an NFT collection from NFT marketplace DMarket hosted on Mythos Chain, was the 7th best-selling NFT collection in January 2024. In the past 30 days, the DMarket NFT collection has recorded $20 million in transaction sales.

8. Gods Unchained NFT Collection

Gods Unchained, a collection of NFTs that allows holders to participate in the digital trading card Gods Unchained, was the eighth best-selling NFT collection in January. In the past 30 days, the Gods Unchained NFT collection has recorded $19 million in transaction sales.

9. $LIGO BRC-20 NFT Collection

$LIGO, a collection of non-fungible tokens created on the Bitcoin blockchain network using the BRC-20 protocol, was the ninth best-selling NFT collection in January. In the past 30 days, the $LIGO BRC-20 NFT collection has recorded $19.6 million in transaction sales.

10. $?? BRC-20 NFT Collection

$Question??, an NFT collection created on the Bitcoin blockchain network using the BRC-20 protocol, was the 10th best-selling NFT collection in January. $?? in the last 30 days The BRC-20 NFT collection recorded $19.3 million in transaction sales. $?? BRC-20 NFT sales surged 380% compared to last month.

The Most Expensive NFT Collections Sold in January

RBX Vesting Voucher #42 is the most expensive NFT collection this month, selling for $741,910 30 days ago. LockDeal NFT #1675 was the second most expensive NFT collection sold in January, selling 24 days ago for $452,943.

NFT market forecast for February 2024

Despite the plunge over the past few weeks, the non-fungible token market is showing promising signs of returning to an upward trajectory. According to Statista, NFT market revenue is expected to reach $2.3 billion by 2024. NFT sales are expected to grow at an annual rate of 9.10%, reaching a total of $3.3 billion by 2028.

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