NFT Sales See Upsurge In First Week Of January!

NFT Sales See Upsurge In First Week Of January! 

Despite the long crypto winter and massive collapse of some big players in the Web3 industry in 2022 which has massively affected the price and sales of NFT collections, the first week of January has seemed to slowly show signs of recovery.

First Week Upsurge

According to data from DappRadar, OpenSea saw up to a 40% increase in NFT trade volumes throughout the first week of January from January 1st to January 8th. Along with OpenSea being the leading NFT marketplace, Ethereum was also the leading blockchain this first week of 2023, with data from CryptoSlam showing that ETH based NFTs accounted for $164 million of the total $209 million of sales within the week.

Related: Moonbirds NFT Signs With UTA, What This Means For The Collection!

Of the massive increase in NFT sales on the first week of January, the top three were all the notable collections Yuga Labs’ Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) as well as top NFT anime project Azuki.

According to data from CryptoSlam, Bored Ape Yacht Club NFTs saw over 185 transactions, totalling up to around $19,000 in sales that week.

2023 Year For NFTs?

As a result of this successful and strong first week for NFTs in 2023, many in the community have become hopeful that this may indicate a recovery for the NFT industry in the year ahead.

Back in 2022, many NFT collections including Bored Ape Yacht Club themselves saw a massive decrease in their floor price due to the falling crypto prices throughout the year. BAYC, known to be the biggest NFT collection in 2022 by trading volume saw its floor fall from a massive price of 144 ETH in early May to 50 ETH within the same month. Since then, BAYC has struggled to touch a price of 100 ETH, the collection continuously juggling floor prices of anywhere between 48 ETH to 80 ETH.

The Azuki collection also faced similar struggles in the year 2022. Despite having been able to reach a floor price of 29 ETH in Q1 of 2022, the collection’s floor has since fallen and struggled to recover that price by the end of 2022. Azuki is now trading at a price of 16 ETH at the time of writing.

If these NFT collections continue to see a surge in their trading volume within the next few months, it may not be long before the community can see their NFTs touch the same high prices they saw in Q1 of 2022.

Related: DeFi Should Expect More Hacks This Year, Experts Warn

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