Ethereum NFT sales climb 43% in January Ethereum NFT sales climb 43% in January

Ethereum NFT sales climb 43% in January

Ethereum NFT sales for January amounted to $780.2 million — significantly up on the previous month but still 85% down year-on-year.

Ethereum NFT sales climb 43% in January

Cover art/illustration via CryptoSlate

Ethereum NFT sales jumped 43% in January compared to the previous month, according to CryptoSlam.

Total sales in January came to $780.2 million, which comprised 267.6k unique sellers and 257.6k unique buyers, the data aggregator platform showed.

For comparison, total sales in December 2022 amounted to $546.8 million — consisting of 203.8k unique sellers and 188.2k unique buyers.

The jump in month-over-month sales saw a 31% increase in unique sellers and a 37% increase in unique buyers — suggesting resurging interest in NFTs. However, it was noted January’s average sale price of $372 is down on December 2022’s average of $391.

The chart below shows an uptrend in sales (black line) that peaked on Jan. 18 at $43.9 million. This was the highest sales day since May 20, 2022, when sales hit $44.3 million.

Ethereum NFT $ sales and number of buyers and sellers

A long way to go

Although the data points to a recovery in the NFT market, January’s figures were still significantly down from the market peak in January 2022.

Back then, monthly sales came in at $5.281 billion, comprised of 305k unique sellers and 450.3k unique buyers — with an average sale price of $2,388.

As such, year-on-year, sales are down 85%, unique sellers and unique buyers are down 12% and 43%, respectively — while the average sale price is 84% below the January 2022 peak.

Interest in non-fungibles has increased in recent weeks — largely thanks to Ordinals on the Bitcoin blockchain, However, with macro uncertainty continuing to weigh heavily, it remains to be seen whether the uptick in NFT sales will hold.

Ethereum is still number 1 for NFTs

Ethereum remains the leading NFT platform — far exceeding its closest competitor Solana — across sales metrics, unique sellers and buyers, and the number of transactions.

Over the last 30 days, Solana’s NFT sales amounted to $115.3 million, while Ethereum’s came in at $861.3 million — around seven times more.

Interestingly, over this period, NFTs sales on ImmutableX and Aribitrum have jumped, growing 45.3% and 157.6%, respectively.