The NFT market would need a recovery in the price of cryptocurrencies to sustain a revival in 2023.
If you were of the view that the NFT market year would end in a change, then that might not be too far from the truth. Despite a rally on the horizon, investors should definitely not expect a general recovery. However, a recent trade in a blue-chip Ethereum [ETH] collection could set things in motion.
Wu Blockchain tweeted that “CryptoPunk #2066 sold for 1155 ETH (approximately $1.38 million) today. This NFT is one of 88 Zombie Punks. Azuki #2311 was purchased by togekiss.eth (0x5c…cd3d) for 175 ETH (approximately $210,000).”
Details of the transaction showed that the same collector had numerous offers through December 28, although he refused to release the asset.
A Shot is Sometimes a Goal
Trading contributed to the way Crypto Punks displaced other collections at the top of market sales volume. In 2021, the collection was a top three across all chains, with hundreds of millions of dollars in sales.
Performance fueled the same momentum in the first quarter (Q1) of 2022. Unfortunately, the fall in cryptocurrency prices and a series of uneventful incidents led to a massive decline in price floors and trader interest.
According to CryptoSlam, Crypto Punks recorded a 154% increase in sales in the last 24 hours. These exchanges totaled $2.60 million, involving 11 sellers and buyers in 15 transactions.
Mutant Ape Yacht Club, owned by Yuga Labs [MAYC], and Bored Ape Yacht Club [BAYC] came second and third, respectively. While MAYC posted an increase like Crypto Punks, the more famous BAYC chose a decrease in volume.
Interestingly, Ethereum NFT performed well in December 2022. At the time of writing, the NFT sales information provider reported that sales under the Ethereum blockchain reached $535 million in the last 30 days.
However, the last 24 hours did not produce a similar performance as sales fell 5.41%. That being said, trending meant that the market remained oblivious to a specific direction.
Solana NFT: Where are you headed?
For Solana [SOL] NFTs, the cryptocurrency market crash, coupled with a break in its chain, spared it from a quick recovery in Q1. Sometime in 2022, Solana’s NFTs surpassed Ethereum’s. Later, though, the table had turned.
The dismal performance of SOL dripping at $9 and a drop to 17 in the market cap rankings also contributed to the same. However, traders who prefer the proof-of-history Blockchain may need to keep their hopes up.
At press time, sales were down to $3.37 million in the past 24 hours, though there was a noticeable improvement in buy and sell engagement.
By Audy Castaneda
