Monthly NFT Token Trading Volume in January It hit an all-time high of $6.13 billion, according to The Block Data Dashboard.
Monthly NFT trading volume increased 129% in January compared to December. The increase was largely due to its latest competitor in the NFT exchange called LookRare, which has trading volumes close to $2 billion after its January 10 launch.
LookRare is threatening OpenSea, the dominant NFT marketplace which owns approximately 90% of the trading volume due to the LOOKS tokens that users earn when buying or selling NFTs on the platform, and can also earn additional rewards by taking stakes. on the platform
However, Block Research notes that LooksRare’s trading volume is largely driven by wash trading.
In addition to the Ethereum-based NFT market, total NFT sales on Solana surpassed $1 billion in volume in January.
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