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Yuga Labs collection doing well
Decentralized app data company DappRadar today released its latest report on the NFT (non-fungible token) and DeFi (decentralized finance) markets. In January 2023, the number of NFT transactions and sales surged, and it is said to be on a recovery trend.
Source: DappRadar
The NFT transaction volume in January 2011 was approximately 125 billion yen ($946 million), an increase of approximately 40% compared to the previous month. This was the highest level since June 2022. In addition, the number of NFTs sold has also increased by 42% since December 2010, reaching 9.2 million units.
As a background, the increase in transaction volume of Yuga Labs’ NFT collection has contributed. Yuga Labs NFTs accounted for about 34% of the total NFT trading volume in January 2023.
Yuga Labs is a Web3 company that aims to shape the future through stories, experiences and communities. The NFT collection mainly includes “Bored Ape Yacht Club (BAYC)”, “Meebits” and “CryptoPunks”.
In particular, BAYC announced plans to release a new game “Dookey Dash” in January, and the demand for NFTs necessary to play this game has surged.
connection: BAYC, transactions surge with new game Dookey Dash information release
What are NFTs?
Abbreviation for “Non-Fungible Token”, a digital token that cannot be replaced and has a unique value. In addition to being used for exchanging “digital items” in blockchain games, it is also an epoch-making way for rights holders (creators) in the “secondary distribution market”, which was difficult to achieve with second-hand sales, as well as proof of ownership of high-priced art works. It is also attracting attention as a means of reduction.
Cryptocurrency Glossary
Status by Blockchain
By blockchain, the Ethereum (ETH) chain topped the list, accounting for 37% of NFT trading volume. Second place is Solana (SOL) chain with 23%, followed by Polygon (MATIC) chain with 12%.
In particular, Polygon’s collections of “Collect Donald Trump Cards” and “Mocaverse Realm Ticket Pass” are popular, with transaction volume on the chain increasing by 124%.
Background: Gold Moon Earth
Character: Astronaut
Face: Smile
Do you have a favorite rare #TrumpCard? #Collect Trump Cards pic.twitter.com/NtuxqbSLq3
—CollectTrumpCards (@CollectTrump) January 24, 2023
“Collect Donald Trump Cards” is the official NFT collection released by former US President Donald Trump in December last year. 44,000 NFTs sold out in just a few hours after launch. “Mocaverse Realm Ticket Pass” is an NFT provided by Web3 major Animoka Brands.
connection: Former US President Trump releases his first official NFT collection
Blur rapidly expands market share
The report also mentions trading volume by NFT marketplace. At the largest, OpenSea, trading volume increased by about 67% to reach about 65.5 billion yen ($495 million) in January this year. It accounts for 58% of the total trading volume of the NFT market.
Source: DappRadar
Blur followed in second place, followed by Magic Eden in third place.
Rapidly gaining market share, Blur is attracting traders with its fee-free and fast aggregation model. Since it does not force the collection of creator fees (royalty), it was designated as a blacklist by OpenSea, which emphasizes royalty, and some NFTs could not handle it, but they succeeded in bypassing this.
connection: Can OpenSea’s stronghold be destroyed?What is the strategy of the NFT market “Blur” for professional traders?
DeFi situation
DappRadar also reported on the state of the DeFi (decentralized finance) market. Total value locked (TVL) deposits in DeFi protocols have increased by about 27% compared to December 2010, reaching about 9.9 trillion yen ($74.6 billion), showing signs of recovery similar to the NFT market. analyzed.
He also pointed out that Lido Finance has become the largest DeFi protocol. About 1 trillion yen ($8 billion) is currently staked on Lido’s platform, due to the growing popularity of the Liquid Staking Derivatives (LSD) protocol among users looking to maximize the rewards of staking Ethereum. ing.
Liquid staking is a service that allows you to operate the alternative asset (stETH) while receiving Ethereum staking rewards.
connection: ETH withdrawal method to be voted on Lido for Shanghai
The post The NFT market in January this year rebounded significantly with a 40% increase from the previous month = DappRadar report appeared first on Our Bitcoin News.
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