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NFT Market on Ethereum Grew 10 Times in January

Posted by
Robert Hoogendoorn

CryptoPunks and Hashmasks generate $15 million

The value going around in non-fungible tokens on the Ethereum blockchain has increased ten times in the past month, according to the Dapp Industry Report – January 2021 by DappRadar. While the NFT market had 3 million dollars in value in December, this increased to 33 million dollars in January. The biggest contributors to this success were digital art collectibles CryptoPunks and Hashmasks. 

CryptoPunks has seen several major purchases in January. Most notably alien punk 2890 sold for more than 761 thousand dollars, while an ape punk sold for 150 thousand dollars in the first week of the year. Sales for these collectibles have become so common, that a 10 thousand dollar punk isn’t even newsworthy. CryptoPunks did 5.5 million dollars in trading volume in January.

At the same time, Hashmasks is the new kid on the block, selling 9 million dollars worth of collectibles during the last weekend of January. Both projects are running on the Ethereum blockchain, but high gas fees didn’t stop bullish investors excited about the potential value of digital collectibles.

CryptoPunks are the first digital collectibles on the Ethereum blockchain, and therefore they have historical significance. As a result, the Hashmasks purchases seem to be a lot more speculative than the average CryptoPunks transaction. However, for the time being, Hashmasks has stepped into the spotlight and gained the attention of NFT collectors, investors, and traders.

More than CryptoPunks and Hashmasks

Alongside the two notable NFT projects on Ethereum, there are several others worth mentioning. In the past month Art Blocks, a storefront for on-chain generative art, had 1.1 million dollars in sales. At the same time Decentraland reached 1.2 million dollars in monthly sales on the secondary market. 

In addition Sorare has consistently sold close to one million dollars in fantasy football cards per week. They had a total monthly sales worth 3.5 million dollars. While projects like Axie Infinity and The Sandbox noted hundreds of thousands of dollars in trading on the secondary market.

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