NFT Trading Volume Reached All-Time High in January

NFT trading volume reached a record level in January with $6.13 billion. Volume in January increased by 129% compared to December.

According to data provided by The Block Data Dashboard, the NFT market continued to gain momentum while the crypto market remained uncertain. NFT trading volume surpassed $6.13 billion in January, setting a new all-time high. In addition to the decline in the market, the new NFT marketplace LooksRare also played a role in this figure. Leading NFT marketplace OpenSea generates more than half of the volume with $3.83 billion; LooksRare generated $2.04 billion in volume, while Magic Garden generated $295 million in volume.

Source: The Block

LooksRare was a huge hit with the advantages of allowing users to buy LOOKS tokens while trading NFT on the platform and earn money by staking them on the platform. However, wash trading claims cast a shadow over the platform’s success.