If you’re considering investing in crypto in 2023, non-fungible tokens (NFTs) probably weren’t the first thing that came to mind. At least that’s not what the majority of investors thought about last year. That’s why they didn’t perform particularly well. But that changed in January; The overall market even outperformed Ethereum (ETH).
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NFTs beat Ethereum
You can’t simply measure how the NFT market is developing. There are many different NFT series, some more popular than others, and each individual NFT may also have a different price than the next in the series. For this reason, blockchain analysis companies have created indices for this market.
For example, Nansen has the NFT 500 index, which tracks the performance of the 500 largest collections on Ethereum. This index increased from 344 to 376 points from January 1 to January 31, 2024, an increase of 9.3%. In addition, there is a small correction towards the end of the month. The peak was 3% higher last Friday at 388 points.
At the same time, Ethereum price only increased by 3% in January. In the middle of the month the price was significantly higher – around 19% to be precise, but only for a short time. After the first Bitcoin (BTC) spot ETFs were launched, the price fell again.
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NFT market strengthens after crypto bear market
In an interview with CoinDesk at Taiwan Blockchain Week, Yat Siu, co-founder of Animoca Brands, explained the situation. “The majority of speculators in the NFT and GameFi sectors have left. “The foundation (of the market) is stronger now because the remaining people are really interested,” Siu said.
The return of well-known parties shows that there is still interest in these special tokens. For example, American presidential candidate Donald Trump once again has an NFT collection to increase his popularity. Sportswear giant Nike has also decided to bet heavily on NFTs.
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