Non-fungible tokens registered $941 million in trading volume in January 2023, up 38% from December, and the highest on record since June 2022, according to a Feb. 2 report by DappRadar, which tracks and analyzes the activity of NFT marketplaces.
Yuga Labs are the creators of the Bored Ape Yacht Club, a 10,000 piece collection featuring cartoon apes. In March 2022, Yuga Labs raised $450 million to build a media empire, at a $4 billion valuation. Its holders include Justin Bieber, Jimmy Fallon, Serena Williams, and other prominent figures. The Blur marketplace has become one of the fastest-growing NFT marketplaces, and saw a trading volume of $187 million, which represented 20% of the market, despite being a newcomer into the space.
This slump in trading volume was also followed by a slew of controversy around NFT projects. In October, Yuga Labs was probed by the U.S. Securities and Exchange Commission over unregistered offerings. In December, Justin Bieber, Steph Curry, Paris Hilton, and Jimmy Fallon were a few names among a long list of those named in a class action lawsuit against Yuga Labs for allegedly compensating celebrities to promote their products, without disclosing it.
that's amazing to see the growth in NFT trading volume! It's great to see more and more people taking an interest in these unique digital assets.
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