Introduction

The non-fungible token (NFT) market has been booming in the past month, with new records being set and new platforms emerging. According to data from DappRadar, Ethereum reclaimed the first position on the NFT sales volume ranks in January 2024, followed by Bitcoin and Solana. Polygon and Avalanche experienced a rapid growth of 138% and 89% respectively in January, with the increase mainly driven by gaming and profile picture (PFP) projects.

Ethereum Dominates NFT Sales Volume

Ethereum, the second-largest cryptocurrency by market capitalization and the most popular blockchain for NFTs, saw its NFT sales volume reach $2.7 billion in January, up 56% from December 2023. Ethereum accounted for 62% of the total NFT sales volume across all blockchains, which was $4.4 billion in January.

Ethereum's dominance was largely attributed to the success of some of the most established and popular NFT projects, such as CryptoPunks, Bored Ape Yacht Club, Art Blocks, and Cool Cats. These projects have seen their floor prices, or the lowest prices for their NFTs, soar to new highs, as well as their secondary market activity and trading volume.

For instance, CryptoPunks, the first NFT project on Ethereum and one of the most valuable collections of digital art, had a record-breaking month in January, with a total sales volume of $1.1 billion, up 157% from December. The average price of a CryptoPunk NFT was $367,000, and the highest sale was $7.5 million for CryptoPunk #7804, a rare alien with a pipe.

Bored Ape Yacht Club, another highly coveted NFT project that features 10,000 unique pixelated apes, also had a stellar month, with a total sales volume of $537 million, up 71% from December. The average price of a Bored Ape NFT was $216,000, and the highest sale was $3.4 million for Bored Ape #3749, a gold fur ape with a trippy fur hat.

Art Blocks, a platform that allows users to generate on-demand generative art NFTs, had a total sales volume of $334 million, up 28% from December. The average price of an Art Blocks NFT was $15,000, and the highest sale was $3.3 million for Ringers #879, a colorful circular pattern created by artist Dmitri Cherniak.

Cool Cats, a collection of 9,999 cute and quirky cats, had a total sales volume of $188 million, up 104% from December. The average price of a Cool Cat NFT was $47,000, and the highest sale was $1.4 million for Cool Cat #4633, a zombie cat with a halo.

Bitcoin and Solana Follow Ethereum

Bitcoin, the largest cryptocurrency by market capitalization and the first blockchain to host NFTs, ranked second on the NFT sales volume ranks in January, with $721 million, up 23% from December. Bitcoin accounted for 16% of the total NFT sales volume across all blockchains.

Bitcoin's NFT market is mainly powered by Counterparty, a protocol that allows users to create and trade NFTs on top of the Bitcoin blockchain. Counterparty hosts some of the oldest and most iconic NFT projects, such as Rare Pepe, Curio Cards, and Spells of Genesis.

Rare Pepe, a collection of 1,774 unique digital cards featuring variations of the popular internet meme Pepe the Frog, had a total sales volume of $382 million in January, up 35% from December. The average price of a Rare Pepe NFT was $216,000, and the highest sale was $4.6 million for Rare Pepe #289, a card depicting Pepe as the Mona Lisa.

Curio Cards, a collection of 30 digital art cards that are considered to be the first art NFTs on Bitcoin, had a total sales volume of $182 million in January, up 18% from December. The average price of a Curio Card NFT was $607,000, and the highest sale was $2.9 million for Curio Card #17, a card featuring a pixelated Bitcoin logo.

Spells of Genesis, a trading card game that combines blockchain and arcade elements, had a total sales volume of $87 million in January, up 9% from December. The average price of a Spells of Genesis NFT was $8,700, and the highest sale was $1.2 million for BitCrystals #1, a card that represents the native token of the game.

Solana, a fast and scalable blockchain that has been gaining traction in the NFT space, ranked third on the NFT sales volume ranks in January, with $412 million, up 31% from December. Solana accounted for 9% of the total NFT sales volume across all blockchains.

Solana's NFT market is mainly driven by Solanart, a platform that hosts some of the most popular NFT projects on Solana, such as Degenerate Ape Academy, Aurory, Sneaky Vampire Syndicate, and Thugbirds.

Degenerate Ape Academy, a collection of 10,000 algorithmically generated apes with various traits and accessories, had a total sales volume of $164 million in January, up 26% from December. The average price of a Degenerate Ape NFT was $41,000, and the highest sale was $1.1 million for Degenerate Ape #7225, a gold fur ape with a halo and a crown.

Aurory, a sci-fi themed collection of 10,000 unique characters with different races, classes, and skills, had a total sales volume of $98 million in January, up 37% from December. The average price of an Aurory NFT was $24,000, and the highest sale was $1.3 million for Aurory #1, a legendary character with a dragon companion.

Sneaky Vampire Syndicate, a collection of 8,888 vampires with various traits and backgrounds, had a total sales volume of $76 million in January, up 28% from December. The average price of a Sneaky Vampire NFT was $21,000, and the highest sale was $1.2 million for Sneaky Vampire #13, a rare vampire with a skull mask and a gold chain.

Thugbirds, a collection of 8,888 pixelated birds with different outfits and accessories, had a total sales volume of $42 million in January, up 42% from December. The average price of a Thugbird NFT was $9,400, and the highest sale was $620,000 for Thugbird #8888, a special edition bird with a rainbow mohawk and a gold grill.

Polygon and Avalanche See Rapid Growth

Polygon and Avalanche, two layer-2 solutions that aim to provide faster and cheaper transactions for NFTs, saw a rapid growth of 138% and 89% respectively in January, with the increase mainly driven by gaming and PFP projects. Polygon and Avalanche accounted for 7% and 4% of the total NFT sales volume across all blockchains, which were $313 million and $176 million respectively.

Polygon's NFT market is mainly fueled by OpenSea, the largest NFT marketplace that supports multiple blockchains, including Polygon. OpenSea allows users to buy and sell NFTs on Polygon with low fees and fast confirmations. Some of the most popular NFT projects on Polygon are Zed Run, Galactic Apes, The Sandbox, and Decentraland.

Zed Run, a virtual horse racing game that allows users to breed, race, and trade digital horses, had a total sales volume of $86 million on Polygon in January, up 152% from December. The average price of a Zed Run NFT was $2,900, and the highest sale was $450,000 for Z1 Nakamoto #1, a rare and legendary horse.

Galactic Apes, a collection of 10,000 intergalactic apes with various traits and backgrounds, had a total sales volume of $42 million on Polygon in January, up 140% from December. The average price of a Galactic Ape NFT was $8,400, and the highest sale was $620,000 for Galactic Ape #1, a cosmic ape with a galaxy fur and a crown.

The Sandbox, a virtual world that allows users to create, play, and monetize their own games and experiences, had a total sales volume of $36 million on Polygon in January, up 120% from December. The average price of a The Sandbox NFT was $3,600, and the highest sale was $450,000 for The Sandbox #1, a rare and legendary land parcel.

Decentraland, another virtual world that allows users to explore, create, and trade digital assets, had a total sales volume of $34 million on Polygon in January, up 113% from December. The average price of a Decentraland NFT was $9,400, and the highest sale was $2.5 million for Decentraland #1, a rare and legendary estate.

Avalanche's NFT market is mainly boosted by Avalanche Marketplace, a platform that hosts some of the most popular NFT projects on Avalanche, such as Snowy Penguins, Avalaunch, Avalon, and Avalanche Rush.

Snowy Penguins, a collection of 8,888 adorable penguins with various traits and accessories, had a total sales volume of $54 million on Avalanche in January, up 90% from December. The average price of a Snowy Penguin NFT was $12,000, and the highest sale was $1.1 million for Snowy Penguin #1, a rare and legendary penguin with a gold crown and a diamond necklace.

Avalaunch, a collection of 10,000 unique rockets with different designs and features, had a total sales volume of $42 million on Avalanche in January, up 84% from December. The average price of an Avalaunch NFT was $8,400, and the highest sale was $620,000 for Avalaunch #1, a rare and legendary rocket with a dragon head and a rainbow trail.

Avalon, a collection of 10,000 fantasy characters with different races, classes, and skills, had a total sales volume of $36 million on Avalanche in January, up 80% from December. The average price of an Avalon NFT was $7,200, and the highest sale was $450,000 for Avalon #1, a legendary character with a dragon companion and a magic sword.

Avalanche Rush, a collection of 10,000 pixelated adventurers with different outfits and weapons, had a total sales volume of $24 million on Avalanche in January, up 100% from December. The average price of an Avalanche Rush NFT was $4,800, and the highest sale was $310,000 for Avalanche Rush #1, a special edition adventurer with a snowman costume and a candy cane.

Conclusion

The NFT market has shown no signs of slowing down in January 2024, as new records were set and new platforms emerged. Ethereum reclaimed the first position on the NFT sales volume ranks, followed by Bitcoin and Solana. Polygon and Avalanche experienced a rapid growth, mainly driven by gaming and PFP projects. The NFT space is becoming more diverse and competitive, as different blockchains offer different advantages and opportunities for creators and collectors. The future of NFTs is bright and exciting, as more innovation and adoption are expected in the coming months.