NFT Trading Surged To More Than $945 Million In January

According to the latest reports, it seems that NFT trading is surging to more than $945 million. This was the number that was expected during the past month. Check out the latest reports about all this below.

The trading volume of non-fungible tokens (NFTs) skyrocketed in January. This has been happening as the crypto markets mounted a recovery from a months-long bear market.

According to new data from market intelligence platform DappRadar, “NFT sales jumped up by 38% on a month-to-month basis to $946 million in January, the highest trading volume recorded since June 2022,” as the online publication the Daily Hodl notes.

It also finds that NFT sales soared 42% from December 2022.

“The NFT market seems to be recovering with the surge of NFT trading volumes and sales counts in January 2023. The NFT trading volume recorded a 38% increase from the previous month, reaching $946 million. This is the highest trading volume recorded since June 2022. The sales count of NFTs also increased by 42% from the previous month, reaching 9.2 million.”

DappRadar also noted the fact that the decentralized finance (DeFi) sector of the industry is also regaining strength as the total value locked (TVL) on DeFi has risen 26.8% from December to January.

“The DeFi market showed signs of recovery in January 2023 as the [TVL] increased by 26.82%, reaching $74.6 billion from the previous month. While this metric has been highly benefited from the rally in crypto prices, other on-chain indicators signal a bull trend.”

At the end of last year, it’s been revealed that Fidelity Investments had filed a trademark application that reveals the financial services giant’s plans for the metaverse and digital collectibles.

As the online publication the Daily Hodl notes, on digital collectibles, Fidelity Investments says in the trademark application dated December 21st that it plans to offer an “online marketplace for buyers and sellers of digital media, namely, non-fungible tokens (NFTs) featuring textual and graphic content.”

Fidelity also plans to offer NFTs. This is according to the trademark application. Check out our previous article in order to learn more details.