Original author:stella@footprint.network
data source:NFT Research - Footprint Analytics
In January 2024, the cryptocurrency and NFT markets ushered in an important turning point, in which the debut of the first batch of spot Bitcoin ETFs in the United States was particularly eye-catching. This milestone in financial integration attracted the attention of many investors. At the same time, the NFT field has also achieved impressive growth, with transaction volume and user activity increasing significantly. In addition, this month also shows the transformation of the NFT market. The sudden rise of Polygon, the rise of platforms such as Mooar, and the emergence of culturally rich projects such as TinFun have all become the focus of the market. In contrast, OpenSea has expressed its openness to acquisitions amid a series of market changes.
This report is based on Footprint AnalyticsNFT research pageData provided. This page is a comprehensive and easy-to-use dashboard that provides the latest statistics and indicators necessary to understand the pulse of the NFT industry, including transactions, projects, financings, and more.
Key points overview
Crypto Market Overview
Bitcoin started at $42,303 and edged up 1.65% to close at $43,001, while Ethereum started at $2,283 and rose 2.77% to close at $2,346.
The broader crypto market is turning to exploring synergies between crypto and AI. Against the backdrop of the Federal Reserve’s decision to keep interest rates stable,StablecoinSteady increase in market capitalization.
NFT Market Overview
In January, the NFT market grew strongly, with transaction volume reaching US$1 billion, a month-on-month increase of 17.3%.
Pudgy PenguinsIts popularity has not diminished, ranking third in the top ten rankings in terms of transaction volume, and its sister projectsLil PudgysIt ranks eighth.
Blockchain game Gas Hero’s NFT, especiallyCommon HerosandItemsseries, saw a surge in trading volume in January, ranking among the top ten by trading volume for the month.
TinFunSince its debut in January 2024, it has ranked among the top ten in terms of transaction volume.
Public chain and NFT trading market
EthereumLeading the NFT market with a trading volume of US$900 million, the market share is 89.1%, but this is the lowest level since 2021.
JanuaryPolygonThe trading activity increased significantly, with its trading volume reaching US$110 million, an increase of 97.2% from the previous month.
OpenSeaIts market share continued to decline, from 20.8% to 16.6%, and transaction volume also decreased by 10.1% to $170 million.
Blockchain gamesGas HeroThe popularity ofMooarandPolygonThe increase in trading volume in January highlights the impact of the game on market dynamics.
NFT investment and financing situation
In January, the NFT investment and financing market remained stable, with a total of 5 rounds of financing totaling US$26.4 million.
Highlights this month
OpenSeaIntroducing new feature to create crypto wallet using email.
Binance Labs announces investment in Memeland’s native token Memecoin (MEME)。
Tune.FM announced the completion of US$20 million in financing.
OpenSeaCEO: The company has received acquisition intentions and is open to acquisition transactions.
Crypto Market Overview
In January 2024, Bitcoin and Ethereum continued their upward trend, albeit at a slower pace. Bitcoin started at $42,303 and edged up 1.65% to close at $43,001, while Ethereum started at $2,283 and rose 2.77% to close at $2,346.
Data Sources:Bitcoin and Ethereum Prices - Footprint Analytics
The debut of U.S. spot Bitcoin ETFs in January 2024 marked a key moment for the crypto market. The ETFs’ daily trading volume of up to $210 million quickly attracted the attention of investors, reflecting the popularity of cryptocurrencies in the traditional financial ecosystem. Deeper integration. Despite rising market excitement, Bitcoin andEthereumThe price remains relatively stable, indicating that traders remain cautious after the ETF is approved.
At the same time, the focus of the broader crypto market has turned to exploring synergies between the crypto industry and AI. Against the backdrop of the Federal Reserve’s decision to keep interest rates stable,StablecoinSteady increase in market capitalization. This period marks a subtle evolution that the crypto space is undergoing, both in terms of institutional adoption through the approval of a Bitcoin ETF and in balancing considerations with continued expectations for macroeconomic and technological developments.
NFT Market Overview
In January 2024, the NFT market experienced strong growth, with transaction volume reaching US$1 billion, a month-on-month increase of 17.3%. The number of transactions surged by 26.2%, reaching a total of 1,747,453 times, and the number of unique users (number of wallets) increased by 20.5%, reaching 358,280. These statistics highlight a significant upward trend in both market activity and user engagement, further underscoring the growing market influence of NFTs.
Data Sources:NFT Market Overview - Footprint Analytics
The market value of the NFT market increased by 5.83% from approximately US$7.02 billion at the beginning of the month, and the market value at the end of the month was approximately US$7.43 billion.
Data Sources:NFT market capitalization and trading volume - Footprint Analytics
The buyer-seller ratio in the NFT market increased to 118.6%, the number of buyers increased to 228,509, an increase of 26.8% from December, and the number of sellers reached 192,718, an increase of 9.1%. This change indicates that buyer interest is continuing to grow faster than the increase in sellers.
Data Sources:NFT Daily Buyers Sellers - Footprint Analytics
The blue chip index experienced slight growth in January, rising 4.4%, with some fluctuations during the month.
Data Sources:NFT Blue Chip Index - Footprint Analytics
January,Pudgy PenguinsIts popularity has not diminished, ranking third in the top ten rankings in terms of transaction volume, and its sister projectsLil PudgysIt ranks eighth.
Data Sources:Top ten NFT series by trading volume in January - Footprint Analytics
Gas HeroIt is a blockchain interactive strategy game focusing on social interaction. It was officially launched on January 3 and quickly gained widespread attention. The game runs within the Find Satoshi Lab ecosystem and uses the same native token as StepNGMT. The game provides players with the opportunity to collect, customize and enhance hero NFTs, which include a variety ofarmsandpet, incentivizing players to collect in-game assets by completing tasks. It is worth noting thatThe game’s NFT,especiallyCommon HerosandItemsseries, saw a surge in trading volume in January, ranking among the top ten by trading volume for the month.
Gas Hero Common Heroes NFT Series
TinFunis a high-profile NFT project that has ranked among the top ten in terms of transaction volume since its debut in January 2024. The project is committed to inheriting Eastern cultural traditions by integrating high-quality artworks and innovative blockchain technology, leading people to in-depth exploration of Eastern aesthetics, stories and games. This project is sponsored byLaserCat NFTLed by the founder BitCloutCat, the core members of the team come from well-known companies such as Tencent, OKX and Riot Games.TinFunThe successful launch of NFT has raised expectations that it will maintain its momentum through continued user participation and that the practical value of its NFT collectibles will exceed the market hype.
TinFun
Public chain and NFT trading market
January,EthereumLeading the NFT market with a trading volume of US$900 million, the market share is 89.1%, but this is the lowest level since 2021. On the contrary, in JanuaryPolygonThe trading activity increased significantly, with its trading volume reaching US$110 million, an increase of 97.2% from the previous month. This significant growth has resulted inPolygonThe market share increased to 10.4%, almost double the 6.0% in December.
Data Sources:Public chain NFT monthly transaction volume - Footprint Analytics
EthereumThe number of unique users continued to grow, reaching 163,000, an increase of 4.9% from December, but its share of total users dropped from 49.0% to 42.7%. In contrast,PolygonThe user base has grown significantly, from 50.5% to 170,000, and its share has also increased from 35.5% to 44.5%, successfully having the largest user base in January. at the same time,BNBThe user share increased slightly from 7.5% to 8.6%.
Data Sources:Number of monthly unique users of public chain NFT - Footprint Analytics
In terms of NFT trading market,BlurIts trading volume increased by 11.7% to $690 million, although its market share fell slightly to 68.3% from 69.2% in December.OpenSeaIts market share continued to decline, from 20.8% to 16.6%, and transaction volume also decreased by 10.1% to $170 million. on the contraryMooarIt has emerged as a force that cannot be ignored. Its trading volume has increased significantly by 112.1%, and its market share has also expanded from 5.0% to 9.5%.
Data Sources:Monthly transaction volume proportion of NFT trading market - Footprint Analytics
also,OpenSea、BlurandElementIt attracted the most unique users in January, with 279,000, 55,000 and 40,000 users respectively.
Data Sources:NFT trading market monthly number of unique users - Footprint Analytics
Blockchain gamesGas HeroThe popularity ofMooarandPolygonThe increase in trading volume in January highlights the impact of the game on market dynamics.
In contrast, amid the changes in the NFT market,OpenSeahas struggled to justify its previous valuation of $13.3 billion. On January 27, CEO Devin Finzer revealed that OpenSea had attracted acquisition interest, although he did not disclose the timing or potential acquirer. Finzer tomediasaid the company is open to the option of being acquired. Although OpenSea was once the leader in the NFT market, its competitors have been growing more rapidly since the second half of 2023.
NFT investment and financing situation
In January, the NFT investment and financing market remained stable, with a total of 5 rounds of financing totaling US$26.4 million.
NFT project financing status in January 2024
Binance Labs, the investment arm of Binance, hasMEME coinMade strategic investments.MEME coinIt is the native token of Memeland, an independent Web3 startup studio created by the founder of 9 GAG. Memeland is committed to cultivating SocialFi and the creator economy through its MEME coin and NFT (The Captainz、The PotatozandYOU THE REAL MVP), leveraging the power of MEME culture to closely connect creators and communities. This investment demonstrates Binance Labs’ commitment to supporting innovative projects that strengthen the connection between digital content creators and their audiences in the evolving Web3 ecosystem.
Web3 music platform Tune.FM has successfully raised $20 million from LDA Capital to further its mission of enabling musicians to earn greater royalties from their work. Leveraging advanced Hedera Hashgraph blockchain technology, Tune.FM offers artists the unique opportunity to earn revenue for streamers through its native JAM token and mint NFTs for their digital music and collectibles.
The above research report data includes:
Public chains: Ethereum, Polygon, BNB Chain, Cronos, Optimism, Sui
Trading markets: OpenSea, LooksRare, Blur, X2Y2, Cryptopunks, Rarible, SuperRare, Foundation, Decentraland, Aavegotchi, Element, Era 7, the Sandbox, Minted, Clutchy, BlueMove, Hyperspace, Tocen, Keepsake, Mooar
The content of this article is for industry research and communication only and does not constitute any investment advice. Market risk, the investment need to be cautious.
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