So far, 2023 seems to be a great year for the NFT market as CryptoPunk just sold for 857 ETH! Remarkably, the iconic collection along with the Bored Ape Yacht Club reported sales worth over $1 million in just twenty-four hours. These promising statistics prove once again that many blockchain sectors are finally picking up after last year’s bear market.
How did a CryptoPunk sell for over $1 million?
The Web3 world rejoices that NFT trading is finally picking up after the 2022 bear market. The latest example is CryptoPunk #5066 which sold for a whopping 857 ETH which means almost $1.5 million At the time.
The collectible previously belonged to NFT whale Kevin Rose, who also co-founded the company Proof (aka Moonbirds). At the time of writing, the lucky buyer is still anonymous.
However, BAYC also scored an impressive sale of 800 ETH this week for Bored Monkey Yacht Club #7090. Consequently, this is one of the rarest 70 NFTs in the collection! Its owner, web3 investor Jimmy McNeils, sold it to an anonymous collector.
Considering these sales along with other promising trade volume charts, the community can’t help but wonder: will 2023 be a good year?
Is the NFT market back on track?
In 2022, both NFT creators and collectors were deeply affected by the bear market, even though the NFT market as a whole racked up more than $35 billion in 2021 and 2022. This year, the trading volume it goes off by the minute.
For example, total NFT sales volume increased by 38% in January alone, which means around $947 million. Meanwhile, merchants sold 42% more NFTs than in previous months, undeniably remarkable growth.
Of course, the increase in trading activity is partly due to the latest crashes of iconic NFT projects.
Which NFT Projects Should You Consider Now?
For starters, the release of Yuga Labs’ Sewer Pass for their limited edition game Dookey Dash caused a stir among fans. The team’s savvy tactics boosted the turnover of this year’s BAYC and MAYC collections. In fact, this release only accounts for 34% of all NFT transactions in January!
Meanwhile, Doodles’ Dooplication feature, released on February 1, is another exciting addition. Consequently, NFT Doodle holders can customize their collectibles using the new Dooplicator.
Last but not least, the popular PFP project Moonbirds kicked off 2023 by signing with United Talent Agency, one of the hottest agencies in Hollywood. The exciting news could expand the concept of the brand to a wider audience, including people unfamiliar with NFTs.
Although 2023 has just begun, there are many exciting projects and releases on the way.
All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, do your own research before making any type of investment.
