BAYC ecosystem assets hit close to 50% of total ETH NFT volume in a week
Are we nearing the end of the crypto winter? After the rise in cryptocurrency prices lately, the NFT space is also beginning to show signs of rebounding. Over the past week, the BAYC ecosystem assets accounted for nearly 50% of the total ETH NFT volume.
Could Ethereum’s rising prices be behind it?
With still a week to the end of the month, Ethereum NFT sales volume on the top marketplace, OpenSea, has already crossed December volumes.
Going by Dune’s public blockchain data, OpenSea’s Ethereum NFT trades stand at $320 million, compared to December’s processed trades of about $283.5 million. The December tally marked the first OpenSea’s considerable NFT sales growth since April 2022 after the totals crossed the $253 million mark in November.
Notably, Ethereum’s value has been rising over the past couple of weeks, and this could have something to do with the growing ETH NFT sales volumes. According to data from CoinMarketCap, Ethereum rose about 33% over the last 30 days to trade around $1,620.
However, ETH NFT sales for January are still above the December sales even when measured in ETH. More than 228,000 ETH worth of ETH NFTs has sold on OpenSea in January, from 1st to date, compared to 227,000 ETH worth in December. November sales stood at 191,000 ETH.
NFT sales volumes are yet to rebound fully
Despite the positive signs of a rebounding industry after months of a declining trend, the statistics buttress how much the industry had fallen amid the year-long bear market. OpenSea marked its best month in January 2022, when the sales volume hit $4.86 billion in ETH NFT sales.
It had seen five straight months with over $2 billion in NFT trading volume, although with up and down swings through the period. The last two straight months that the market recorded growth in NFT sales volume were between December 2021 and January 2022.
A BAYC-only affair?
Although the Bored Ape Yacht Club (BAYC) NFTs and their related NFT collection have been driving the industry’s trading volumes recently, other NFTs have also shown positive signs. Art Blocks sales are also 62% up, while Azukis NFTs are up close to 90%. Punk 9059, the pseudonymous proof director of research, also pointed out the rise in BAYC ecosystem NFTs trading volumes, including Yuga’s projects, in his Tweet.
The most recent Yuga project would be Dookey Dash Skill-Based NFT Game, available to play for $2300. Holders of BAYC and Mutant Ape Yacht Club(MAYC) NFTs can claim a ‘Sewer Pass’ free that allows them to play an ‘endless runner’ game, just like Temple Run.
After the game launched on Jan 18, players had three weeks to get the highest score by completing quests. On Feb 15, the winner receives an important and mysterious box.
Is bullish momentum building up?
It’s still unclear whether these recent signals will culminate in a sustainable rebound in the NFT market. The industry has undoubtedly lost considerable value over the bear market, and any positive signals are bound to be seen as good news.