DappRadar, the leading software analysis platform for dapp and webЗ, reported on the evolution of the nonfungible token markets.
DappRadar: NFT sales volume is still growing
The NFT does not appear to have been affected by bearish market sentiment as the sector continues to grow.
Despite the rise of LooksRare and alternative marketplaces on networks such as Solana and Tezos, OpenSea still has a dominant position with more than $ 4.5 billion in NFT revenue (in the last З0 days) and hosts the most popular collections.
In January, DFTRadar’s total NFT sales exceeded $ 15 billion, with LooksRare accounting for more than $ 10 billion. However, as reported, the volume of trades in LooksRare is the result of wash trading motivated by rewards with LOOKS tokens.
Despite massive sell-offs in the markets for crunches, the volume of NFT trades in all markets and protocols in January 2022 was $ 16 billion.
So a new “leader” has emerged in the NFT sector – the recently launched LooksRare platform, which attracted users by distributing LOOKS tokens, handled $ 10.7 billion in transactions, while the same metric for OpenSea was $ 4.7 billion. Of course, supporters and maximalists do not want to talk about this.
Wash trading is certainly not legal in normal sophisticated markets, so why doesn’t the marketplace close?
Modesta Masoit, Head of Finance and Research at DappRadar, attributed this success to the development of the NFT segment:
The last few months have been quite bleak for anyone holding a crypto, but the performance of this blockchain sector is a bright light at the end of the tunnel. The figures we see this month show the stability and growing success of the market, which will ultimately offset the negative sentiment in the market.