NFT market sees the first million-dollar trades in 2 months
The NFT market is experiencing a resurgence, with two highly sought-after NFT projects, CryptoPunks and Bored Ape Yacht Club, each recording sales of more than $1 million.
Million-dollar NFT sales
Two NFTs from the popular CryptoPunks and Bored Apes Yacht Club (BAYC) have been sold for over $1 million each. This is the first time that NFTs have sold for over $1 million in two months and marks a significant resurgence of the NFT market. The NFT market has been gaining steam once again in 2023, with rising sales and trading volume data seen in January.
Two major NFT sales, worth two million dollars, were conducted by notable figures in the NFT industry. As monitored by CryptoSlam, these transactions were the biggest single NFT sales in the past 30 days. On Monday, CryptoPunk #5066 was sold for 857 ETH, equivalent to $1.4 million, to an undisclosed buyer whose wallet was then transferred to “bitshamed.eth”. Kevin Rose, who is a co-founder of Proof, a venture capitalist, serial entrepreneur, and NFT collector, was the seller of the NFT.
Bored Ape Yacht Club #7090 was sold for 800 ETH, translating to $1.3 million. This NFT was rated 62nd on the 10,000-piece rarity list by Rarity Tools. Jimmy “j1mmy” McNelis, a Web3 creator and collector, was the seller. McNelis is the owner of the NFTs behind Universal Music Group’s Bored Ape virtual band, Kingship, and was also the mastermind behind the Avastars project. The identity of the buyer remains unknown.
The NFT market is making a comeback
After a the 2022 bear market, the NFT market is back in full swing as January sales hit $945 million. The NFT trading volume showed a monthly increase of 38%. These are the best figures since before the bear market in June 2022, according to data from DappRadar. This marks a positive turnaround for collectors and traders after a challenging bear market in the previous year. The NFT sales also saw a 42% increase from December 2022, with the numbers still rising.
Ethereum continues to lead the NFT blockchain market, with over 36 billion in all-time sales as of January 2023. Nevertheless, the Solana and Polygon blockchains are also making their mark, with Polygon reporting a significant 124% surge in NFT trading volume in January. Polygon has even outpaced Ethereum in terms of sales on the OpenSea marketplace.
These two NFT sales serve as further evidence of the NFT market’s resurgence and its potential to generate significant returns for its participants. As the NFT market continues to grow and mature, it is likely that we will see more high-value sales like these in the future. NFTs are a unique form of digital asset that can represent ownership of a wide range of things, from collectibles to artwork to virtual real estate. They offer a new way for artists, creators, and collectors to monetize their work and for investors to diversify their portfolios.