Ethereum NFT market cap shrank 60% in 2022
Ethereum NFT Market Cap Shrinks 60% in 2022
The market capitalization of Ethereum-based NFT collections fell from $9.3 billion to $3.7 billion in 2022. However, figures for January point to growth.
According to a DappRadar report, the total market capitalization of NFT collections deployed on Ethereum (ETH) recorded a 59.6% drop in 2022.
The cumulative market capitalization of ETH-based NFT projects started in 2022 at $9.3B and ended at $3.7B. report. However, figures for January show that the NFT market has begun to flourish, including ETH-based NFTs.
There are 81 NFT collections deployed on the ETH network. The numbers show that Yuga Labs NFTs account for 67% of the total NFT market capitalization on the ETH network.
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.
Together, CryptoPunks and BAYC account for 46.7% of the total ETH NFT market capitalization. BAYC, with a low price of $98,438, recorded a trading volume of $49 million in January.
NFTs in January
In January, NFT trading volume recorded According to another DappRadar report, this is a 38% increase from around $700 million in December 2022. The current trading volume of $946 million is the highest since June 2022. The number of NFT sales also increased from 6.7 million in December to 9.2 million in January, reflecting a 42% increase.
ETH also ranks first in terms of NFT trading volume. The network’s trading volume increased by 37% from $480 million in December 2022 to $659 million in January.
Solana (SOL) and Polygon (MATIK) followed ETH in second and third place with $85M and $46M respectively. While SOL recorded a 23 percent rise from $69 million in December, MATIC stood out by recording the third-highest growth rate of the month with 124%.
Avalanche (AWACS) and Tezos (HTZ) recorded the first and second highest monthly growth rates with 451% and 150% respectively. Immutable X (SME) and WAX (WACS), on the other hand, recorded a decline of -3% and -32% in January, respectively.
Credit : cryptoslate.com