Recent signs of life in the NFT space ultimately yielded a significant jump in market activity in January, as organic trading volume grew 38% from December, per data from DappRadar.
Sales of NFT assets totaled $946.7 million last month, according to the analytics firm, which tracks data across multiple blockchain networks and marketplaces. That’s a significant rise from the $683.9 million figure registered in December, and marks the largest market-wide total since June 2022.
DappRadar excludes data from suspected wash trades, or sales that have been manipulated in some way. Often in wash trading, a user sells an NFT at an inflated price back and forth between his or her own controlled wallets, typically in an effort to game a marketplace rewards model or boost the visibility of a lesser-known project.
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