July 20, 2024

CoinHirek

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NFTs Gained More in January than Ether

2 min read

Major NFT indexes have increased by about 10%, although ether prices are expected to end the month slightly higher by just over 2%. This month, non-fungible token (NFT) index prices have increased by nearly 10%, outperforming the gains of ether (ETH), the cryptocurrency that many NFTs are denominated in, which has increased by slightly over 2%.

The Blue Chip 10 has gained a similar percentage this year, as has Nansen’s NFT-500 index, which monitors the 500 most valued NFTs. Together, they have gained 9.35% so far. Based on data from CoinDesk Indicies, ether increased by 2.2%.

Animoca Brands founder Yat Siu gave credit to the NFT space’s increased maturity and diversity in an interview with CoinDesk during Taiwan Blockchain Week, explaining why prices had bounced back from their 2022–2023 crypto winter lows. “The majority of the speculators in the NFT and GameFi space have left, which strengthened the foundation as the remaining people are genuinely interested,” he stated.

The reason January’s gains are exceptional is that NFT pricing in ether initially lagged behind the cryptocurrency’s year-end surge. However, it appears many traders have had second thoughts as the search for practical, or real-world applications, intensifies.

The increase occurs despite the fact that, according to statistics from CryptoSlam, the average price of an NFT has decreased by 13% to $107. While the total sales volume for the month dropped by 36% to $1.1 billion, the number of transactions increased by 30%. 39% of all activity is attributed to wash trading, a type of market manipulation in which a buyer and seller conspire to create the impression of demand, according to CryptoSlam statistics.

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