Ethereum NFT market cap shrank 59.6% in 2022; NFT trading volume jumps 38% in January

According to a DappRadar report, the total market capitalization of NFT collections deployed on Ethereum (ETH) has registered a 59.6% drop in 2022.

The total market capitalization of ETH-based NFT projects started at $9.3 billion in 2022 and ended at $3.7 billion. reportHowever, numbers from January show that the NFT market, including ETH-based NFTs, has started to thrive.

Yuga Lab

There are 81 NFT collections deployed on the ETH chain. This figure shows that Yuga Labs NFTs account for 67% of his total NFT market cap on the ETH chain.

Yuga Labs includes popular NFT collections such as CryptoPunks, Bored Ape Yacht Club (BAYC), Bored Ape Kennel Clum (BAKC), Mutant Ape Yacht Club (MAYC), Meebits and Otherdeeds for Otherside.

CryptoPunks and BAYC together account for 46.7% of the ETH NFT market cap. BAYC, with his lowest price of $98,438, saw him record $49 million in trading volume in January.

NFT in January

January NFT trading volume Recorded Another report from DappRadar shows a 38% growth from around $700 million in December 2022. The current trading volume of $946 million is the highest since June 2022. NFT sales also increased from 6.7 million in December to 9.2 million in January, reflecting 42% growth.

ETH also ranks first for highest NFT trading volume. The chain’s trading volume increased 37% from $480 million in December 2022 to $659 million in January.

Solana (SOL) and Polygon (matic) followed ETH in second and third place with $85 million and $46 million respectively. SOL stood out with its 23% increase from $69 million in December, while MATIC posted the third highest growth of the month at 124%.

Avalanche (Avax) and Tezos (XTZ) recorded the first and second largest monthly growth rates at 451% and 150%, respectively. Invariant X (IMX) and wax (wax) on the other hand, blockchain registered -3% and -32% declines respectively in January.