- NFT exercise on OpenSea noticed a big surge in January 2023.
- The NFT loans reached an all-time excessive in January.
- Polygon overtook Ethereum when it comes to NFTs offered final month.
The NFT lending ecosystem noticed vital development throughout the first month of 2023. NFT exercise on well-liked chains like Ethereum and Polygon reached report highs when it comes to lenders and debtors, month-to-month mortgage quantity, and the variety of loans processed in January.
On-chain knowledge derived from Dune Analytics supplied perception into the NFT lending metrics from January. The NFT mortgage quantity in USD got here in at $26.3 million, the best since Could 2022. At 4399, the variety of month-to-month NFT loans reached an all-time excessive. January noticed extra debtors than any month earlier than.
A sequence-wise breakdown of the NFT gross sales quantity on NFT revealed that Polygon beat Ethereum when it comes to month-to-month NFT gross sales. Polygon customers purchased 1.5 million NFTs in January, in comparison with Ethereum customers, who purchased 1.1 million NFTs. The typical mortgage dimension was practically $6,000.
Nonetheless, Ethereum customers took the lead when it comes to gross sales quantity. After 5 months of declining gross sales, the month of January noticed a resurgence with greater than $446 million in NFT gross sales reported on OpenSea, the best since August final 12 months. Polygon NFT gross sales on OpenSea accounted for $15.3 million.
The NFT lending ecosystem has been on the rise since June final 12 months. The timing means that the rising loans by NFTs have been doubtless because of the crypto contagion that began proper round that point. Traders have been doubtless cashing in or borrowing towards the NFTs they accrued throughout the bull run of 2021. The variety of debtors constantly grew from June.