Ethereum NFT collections outgrew ETH in January

January marked a month of growth; however, it was mainly for NFT collections. While ETH gained ~2% in the previous month, some of the top NFT collections grew more. For instance, Nansen NFT-500 and Blue-Chip 10 registered a growth in their value of 9.35% and 9.76%, respectively.

Reports are now citing that this is a sign of the maturation of the NFT market.

Categories that have reported positive gains in January are social NFTs. They include PFP sets, and the Nansen Social-100 Index has gone up by 13%. Other categories, however, have failed to impress. This includes Game-50, Art-20, and Metaverse-20, at -7%, -1%, and -11%, respectively. Also, the average price of NFT has come down to $107 by 13%.

As for ETH alone, the crypto is down by 1.09% in the last 24 hours, trading at $2,269.61. It further reflects an increase of 1.55% in the last 7 days and a fall of 1.38% in the last 30 days. The market cap and 24-hour volume of ETH have slipped by 1.02% and 8.05%, respectively.

Some NFT collections that have practically demonstrated the rise in their value were launched recently. For example, the first major art collection, Rubber by Crypto Pop Punk, launched on Solana, had a mint price of $23. That bounced up to $2,103 for 23 SOL tokens at that time in just 24 hours. The trading volume also hit a high of $1.3 million in SOL.

Another Solana NFT collection that made headlines recently was by Mad Lads. The floor price quickly went up to more than 200 SOL. This was defined as a remarkable feat.

For reference, SOL is currently down by 2.73% in the last 24 hours. It is listed at $95.94. It is a jump of 7.91% in the last 7 days and a slip of 7.85% in the last 30 days.

It is only safe to assume that the NFT market is maturing, and investors are looking to consolidate their funds around something that is a clear winner. While some collections have fetched positive results, overall prices have been falling. Also, it supports the theory that NFT enthusiasts are no longer driven by the hype but by its potential to yield returns in the future.

Meanwhile, the CEO of EA has hinted that there could soon be an EA Sports Unified Metaverse. It will center around a sports-themed virtual world where over 70 million EA players can entertain themselves. That is the current user base of EA, spending an average of 90 minutes in gameplay. EA’s CEO has said there is a meaningful opportunity to harness the power of the community that they have built over time. More details about the same are expected to be made public later.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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