NFT Sales Are Rising Again In The First Week Of January

January 2023 mini NFT bull run confirmed, at least that’s what the sales story says! As the market recovers from a devastating 2022 second half, the 7-day volume of NFT sales in the first week of 2023 displays an uptick of 26%. The NFT sales volume for the past week is upwards of $200 million. The new bull run seems efficient, and with bad players out of the market, the question now is, how long does this last?

A meme of a cryptopunk in front of a stock chart with an arrow pointing upwards, signaling NFT sales

What’s Happening With NFT Sales This Week?

According to data from DappRadar, OpenSea alone has seen a 40% upsurge in NFT trade volumes in the past week (January 1 – January 8). Other metrics show that there are 1.2 million NFT transactions in this period. It also suggests over 400,000 NFT buyers. Moreover, NFT sales across most blockchains rose, led by Ethereum and the BAYC community. Ethereum sales surged 14.84% with a 24% increase in buyers, totaling 160,241 buyers.

The top NFT collectible sale was of a Mineable Punks #11467 – sold on the LooksRare marketplace for $780,189. Incidentally, the top 3 NFT sales also come from the Mineable Punks project on Ethereum. The top NFT collection, however, remained the Bored Ape Yacht Club, with over 185 transactions totaling $19,404,425 in sales. BAYC was followed by their sub-project Mutant Ape Yacht Club, with 593 transactions ns totaling $13,767,214 in sales.

Another top NFT sale comes f, from the top NFT anime project Azuki – with a golden fishing rod spirit Azuki (#7257) selling for over $350,000. In the last 30 days, Azuki’s floor Azuki floor price has risen 43%, with the Beanz floor up 127%.

NFTs are Back for 2023

The floor prices for top NFT projects like Bored Apes and CryptoPunks remain relatively the same. The BAYC floor price is 80 ETH (~101,000) and the CryptoPunks floor price is 66.88 ETH (88,270).

As the crypto market continues to navigate through crypto winter, the rising bull is restoring faith in the industry. There are drastic movements and shifts of power currently going on underneath the NFT infrastructure, and there are still a few more hurdles to cross with regard to bad actors in the space. But, the builders keep building, and the industry shows signs of healing up from here.