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In January, monthly trading volume of non-fungible tokens has already reached a record high of over six billion dollars, as per data published by The Block Data Dashboard.
Monthly NFT volume increased by over one hundred and twenty nine percent in the month of January as compared to the month of December last year. Much of the growth was due to the latest contender in the non-fungible token marketplace scene, called LookRare, which accumulated approximately two billion dollars in volume subsequent to its launch on 10th January.
It is to be noted that LooksRare poses a threat to OpenSea, which is the dominant NFT marketplace controlling roughly ninety percent of volume, because of its LOOKS token. Users receive LOOKS when purchasing or selling non fungible tokens on the platform and can earn further rewards by staking the token on the platform.
Nonetheless, LooksRare is not without any issues. The Block Research notes that much of the trading volume of LooksRare is because of wash trading, in which individuals trade items between themselves to artificially drive up volume and prices.
Aside from Ethereum-based non fungible token marketplaces, total NFT sales on Solana crossed past a billion dollars in all-time volume in the month of January as well.
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