January NFT Updates: Polygon’s Growth, Mooar’s Rise, and TinFun’s Cultural Wave

February 2024, stella@footprint.network

Data Source: NFT Research — Footprint Analytics

January 2024 marked a pivotal moment for the crypto and NFT markets, highlighted by the debut of spot Bitcoin ETFs in the US, a milestone in financial integration that attracted significant investor attention. Meanwhile, the NFT sector experienced remarkable growth, with trading volumes and user engagement reaching new highs. The month also revealed shifts in blockchain preferences, with Polygon’s surge and the rise of platforms like Mooar and culturally rich projects like TinFun. In contrast, OpenSea expressed openness to acquisition discussions amid NFT market shifts.

This report is based on data sourced from Footprint Analytics’ NFT research page, a comprehensive and user-friendly dashboard. It provides up-to-date statistics and metrics essential for grasping the pulse of the NFT industry, covering trades, projects, funding, and more.

Key Points

Crypto Macro Overview

  • Bitcoin modestly climbed by 1.65% from an opening of $42,303 to close at $43,001, while Ethereum saw a 2.77% increase, starting at $2,283 and ending at $2,346.

  • The broader crypto market shifted towards exploring crypto-AI synergies and observing a steady rise in the stablecoin market cap, against a backdrop of the Federal Reserve’s decision to hold interest rates steady.

NFT Market Overview

  • In January 2024, the NFT market grew robustly, with trading volume hitting $1.0 billion, up 17.3% from December.

  • Pudgy Penguins maintained its appeal, securing the third spot in the top 10 collections by trading volume, while its sister project, Lil Pudgys, came in at eighth.

  • Gas Hero NFTs, especially the Common Heros and Items collections, saw significant trading volume spikes, ranking them among the top 10 collections by trading volume in January.

  • TinFun achieved the 10th position in trading volume following its debut in January 2024.

Chains & Marketplaces for NFTs

  • Ethereum led the NFT market with a trading volume of $904.9 million, accounting for 89.1% of all transactions, marking its lowest market share since 2021.

  • January saw a remarkable increase in Polygon’s trading activity, with its volume reaching $106.0 million, a 97.2% rise from the previous month.

  • OpenSea saw a continued decline in market share, falling from 20.8% to 16.6%, alongside a trading volume decrease of 10.1% to $168.1 million.

  • The surge in popularity of the Web3 game Gas Hero significantly contributed to the increase in trading volume for both Mooar and Polygon in January.

NFT Investment & Funding

  • In January, the NFT market remained steady with five funding rounds totaling $26.4 million.

What’s New?

  • OpenSea introduces wallet creation using email, making NFT onboarding easier.

  • Binance Labs Invests in MEME, the Native Token of Memeland from the Creators of 9GAG

  • Hedera-Based Tune.FM Raises $20M for Artist-Friendly Web3 Music Platform.

  • OpenSea is open for acquisition amid NFT market shifts.

Crypto Macro Overview

In January 2024, Bitcoin and Ethereum continued their upward trajectory, although at a slower pace. Bitcoin modestly climbed by 1.65% from an opening of $42,303 to close at $43,001, while Ethereum saw a 2.77% increase, starting at $2,283 and ending at $2,346.