In January, non-fungible tokens (NFTs) experienced a notable performance, gaining nearly 10% in value and surpassing Ethereum. Ether, during the same period, showed just a slight increase of slightly over 2%.
Market Matures Recently
Nansen’s NFT-500 index and the Blue Chip 10 tracked the most valuable 500 NFTs and showed increases of 9.35% and a similar rate, respectively, since the beginning of the year. A decrease in speculative activities in the NFT and GameFi sectors led to the formation of a more mature and diverse market environment this month.
In January, efforts to create more real-world uses for NFTs, coupled with a rise in NFT prices that had previously failed to keep up with the overall progress of the cryptocurrency market, were observed. This rise occurred amidst seemingly contradictory situations, such as a 13% decrease in the average price of NFTs to $107 and a 30% increase in the number of transactions. Additionally, the total sales volume decreased by 36% to $1.1 billion throughout the month, contributing to the rise in the NFT market.
OpenSea, Open to Purchase Offers
Another significant development this month was the NFT marketplace giant OpenSea’s announcement that it is “open to purchase offers.”
CEO Devin Finzer, in an interview with DL News, stated that although the company is not actively seeking to be sold, it is open to potential purchase offers. The company, which once dominated 90% of the NFT market, is now competing with the rising platform Blur, which has surpassed OpenSea in daily transaction volumes.