NFT Update: Ethereum and Polygon NFTs Soar as Lending Ecosystem Reaches New Heights in January
Welcome to the latest edition of our NFT, web3, and metaverse newsletter! we bring you the latest news and developments in the space.
January 2023 saw a significant surge in NFT activity on OpenSea, with Polygon NFTs surpassing Ethereum NFTs in the number of NFTs traded for the second consecutive month.
The NFT lending ecosystem reached an all-time high in terms of monthly loan volume, number of loans, and number of lenders and borrowers.
BendDAO emerged as the largest NFT lending protocol in January, with a borrowed volume of over $36 million.
This is a summary of the full January 2023 NFT report.
Ethereum and Polygon NFT Trading Volume Rises on OpenSea
NFT activity on OpenSea, one of the largest NFT marketplaces, saw a significant surge in January 2023. The Ethereum NFTs recorded a trading volume of $444 million, the highest since August 2022, attracting 319,641 traders who sold 1,132,681 Ethereum NFTs on the platform.
This marks the second consecutive month where the amount of Polygon NFTs traded on OpenSea surpassed Ethereum NFTs, with 1,514,895 NFTs traded in January and 1,305,244 in December 2022. The average Ethereum NFT trader traded $1390 in November and 3.54 NFTs on average.
The NFT Lending Ecosystem Experiences Explosive Growth
The NFT lending ecosystem also saw a remarkable increase in January, with an all-time high in terms of monthly loan volume and number of loans. A total of 17.9K ETH, worth approximately $28 million, was lent from 4,399 loans, attracting a record number of 616 borrowers and 291 lenders, resulting in a ratio of 2.12 borrowers per lender.