So far, 2023 seems to be a great year for the NFT market as a CryptoPunk just sold for 857 ETH! Surprisingly, the iconic collection, along with Bored Ape Yacht Club, reported over $1 million worth of sales in just twenty-four hours. These promising stats prove once again that many blockchain sectors finally recover from last year’s bear market.
How Did a CryptoPunk Sell for Over $1M?
The Web3 world rejoices as NFT trading is finally improving 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.
Previously, the collectible belonged to NFT whale Kevin Rose, who also co-founded Proof Collective. At the time of writing, the lucky buyer is still anonymous.
Nevertheless, BAYC also scored an impressive 800 ETH sale this week for Bored Ape Yacht Club #7090. Accordingly, this is one of the top 70 rarest NFTs of the collection! Its holder, web3 investor Jimmy McNeils, sold it to an anonymous collector.
Considering these sales along with other promising trading volume charts, the community can’t help but wonder: will 2023 be a good year?
Is the NFT Market Back on Track?
Back in 2022, both NFT creators and collectors were deeply affected by the bear market – even though the NFT market as a whole amassed over $35 billion in 2021 and 2022. This year, the trading volume is skyrocketing by the minute.
For example, the overall NFT sales volume jumped by 38% in January alone, which means about $947 million. Meanwhile, traders sold 42% more NFTs than in previous months – an undeniably remarkable growth.
Of course, the increased trading activity is partly due to the latest drops from iconic NFT projects.
Which NFT Projects Should You Look Into Now?
To begin with, Yuga Labs’ Sewer Pass drop for their limited-edition game Dookey Dash caused a frenzy among followers. The team’s clever tactics boosted BAYC and MAYC collections’ trading volume of this year. In fact, this launch alone represents 34% of all NFT transactions in January!
Meanwhile, Doodles’ Dooplication feature, launched on February 1st, is another exciting drop. Accordingly, Doodles NFT holders can customize their collectibles using the new Dooplicator.
Last but not least, the popular PFP project Moonbirds started 2023 by signing with United Talent Agency – one of the most popular agencies in Hollywood. The exciting news might expand the brand’s concept to a broader audience, including people unfamiliar with NFTs.
Although 2023 has just begun, there are many exciting projects and drops on the way.
All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, make your own research prior to making any kind of investment.
