NFT Sales Drop 36% in January 2024 – Will Next February Bring a Bounce?

The non-fungible token market, once hailed as the next big thing in the fast-growing crypto world, has seen a dramatic decline in January, marked by a reversal in NFT trading sales volume and trading activity. In the article, we will explore whether the NFT market will experience some positive growth again next February.

NFT sales drop 36% in January

Data retrieved by CryptoSlam.io, an on-chain market data aggregator, indicates that the global non-fungible token market recorded negative growth in January. Over the past 30 days, the NFT market has amassed $1.2 billion in trade sales volume, marking a 36% decline from December 2023.

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

Ethereum, the popular decentralized blockchain that supports crypto and non-fungible token collections, was the most traded blockchain network in the NFT ecosystem in January. In the last 30 days, Ethereum-based NFT collections have amassed a trade sales volume of $350 million. Ethereum NFT sales volume fell 15% from January 2024 to December 2023.

Bitcoin, the same blockchain network that powers the flagship crypto ‘Bitcoin’, was the second most traded blockchain network in the NFT ecosystem in January. In the last 30 days, digital collectibles hosted on Bitcoin have attracted a trading volume of $327 million. Bitcoin-based NFT sales volume fell 62% in January from 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. Over the past 30 days, Solana-based NFT collections have amassed a trade sales volume of $229 million. Solana NFT sales volume is down 28% from the previous month.

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

Over the past 30 days, Polygon-based NFT collections have amassed a trade sales volume of 112 million, while Avalanche-based NFTs have recorded a sales volume of $45 million. During this period, Polygon-based NFT sales volume increased 67%, while Avalanche NFT sales increased 102% from the previous month.

Ethereum Leads in NFT Wash Trading

Ethereum took the top spot in the NFT wash, earning more than $389 million in the last 30 days. According to the description, wash trading is a form of market manipulation where crypto investors sell and buy the same NFTs at the same time, creating a false impression of market activity. The practice is considered illegal in most jurisdictions.

Best Selling NFTs in January 2024

1. Bitcoin Ordinals ‘Uncategorized NFTs’

Bitcoin Ordinals, the non-fungible token collection created on the Bitcoin blockchain network using Satoshi Nakamoto’s ordinal theory, is this month’s best-selling NFT collection. In the last 30 days, the Bitcoin Ordinals collections have registered a sales volume of $47 million. Nevertheless, Bitcoin Ordinal NFT sales volume fell 36% in January from the previous month.

2. Gas Hero Common NFT Collection

In January, Gas Hero Common, a non-fungible token collection hosted on Polygon, an Ethereum scaling net, was the second most sold NFT collection. In the last 30 days, the Gas Hero Common NFT collection has recorded a trade sales volume of $40 million.

3. CryptoPunks NFT Collection

CryptoPunks, an NFT collection formerly owned by digital asset firm Larva Labs and featuring a limited set of 10,000 pixel NFTs hosted on the Ethereum blockchain network, was the third most sold NFT collection in January. In the last 30 days, the CryptoPunks NFT collection has amassed a trade sales volume of $31 million. During this period, CryptoPunks NFT sales volume increased 183% from the previous month.

4. Dokyo NFT Collection

Dokyo, an NFT collection with 5,555 NFT collections hosted on the Avalanche blockchain network, was the fourth most sold NFT collection in January. In the last 30 days, the Dokyo NFT collection has registered a trade sales volume of $30 million. Dokyo NFT trading volume has increased by 310% this month compared to the last month.

5. CryptoUndeads NFT Collections

CryptoUndeads, a relatively new non-fungible token collection hosted on the Solana blockchain network, was the fifth most sold NFT collection in January. In the last 30 days, the NFT collection has attracted $24 million in trade sales volume.

6. Froganas NFT Collection

Froganas, an NFT collection hosted on the Solana blockchain network, was the sixth most sold NFT collection in January. Over the past 30 days, Froganas NFT collections have recorded a trade sales volume of $22 million. Froganas NFT trading volume has increased by 33.50% over the past month.

7. DMarket NFT Collection

DMarket, an NFT collection from the NFT marketplace DMarket hosted on Mythos Chain, was the seventh most sold NFT collection in January 2024. In the past 30 days, the DMarket NFT collection has recorded a trade sales volume of $20 million.

8. God’s Unchained NFT Collection

Gods Unchained, an NFT collection that allows holders to participate in digital trading cards Gods Unchained, was the eighth best-selling NFT collection in January. In the last 30 days, the Gods Unchained NFT collection has generated a trade sales volume of $19 million.

9. $LIGO BRC-20 NFT Collection

$LIGO, a non-fungible token collection created on the Bitcoin blockchain network using the BRC-20 protocol, was the ninth most sold NFT collection in January. Over the past 30 days, the $LIGO BRC-20 NFT collection generated a trade sales volume of $19.6 million.

10.$?? BRC-20 NFT Collection

$Question??, an NFT collection created on the Bitcoin blockchain network using the BRC-20 protocol, was the tenth best-selling NFT collection of January. In the last 30 days $?? The BRC-20 NFT collection has attracted a trade sales volume of $19.3 million. $?? BRC-20 NFT sales have increased 380% in the past month.

The most expensive NFT collection sold in January

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

The NFT market forecast for February 2024

Despite plummeting in recent weeks, the non-fungible token market is showing promising signs of returning to an upward trajectory. According to Statista, the NFT market is expected to reach $2.3 billion in revenue by 2024. NFT revenues are expected to exhibit an annual growth rate of 9.10%, resulting in a projected total of $3.3 billion by 2028.

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