NFT sales went up by 26% in the first week of 2023, with the top chains making double digits gain
The NFT market witnessed a boost on Monday, January 9. The pump was preceded by an impressive first week of the year, which saw a 26% increase in the 7-day trading volume of the assets.
An inverse reaction to a prediction
Last week, approximately $209 million was made in non-fungible token (NFT) sales. The increase in trading volume of NFTs was also accompanied by an increase in the transactions at the top 5 NFT-minting blockchains.
Previous reports had already shown signs that the NFT market was recovering after accumulating 30,000 Ether trading volume on the 5th of January.
Monday’s NFT market surge took place just 24 hours after Jim Cramer advised investors to get out of crypto, pointing to a possible regulatory crackdown by the Securities and Exchange Commission (SEC). Cramer, whose market projections almost always result in prices moving in the opposite direction, didn’t fail to impress.
The price of top digital assets spiked just 24 hours after the call. While Bitcoin breached the $17k mark, ETH rose above the $1.3k mark giving both coins their highest values in the past month. Even Solana (SOL), which many investors thought was tending to a dead coin, experienced a comeback after Cramer announced that the token was dead 2 weeks ago.
Bored Ape NFTs sales increased by 53%
Bored Ape NFT made the most sales last week. It generated over $19 million, an increase of 53% from the previous week. The company’s stats show that it made 26% more sales in the first week of 2023 than in the same period in 2022.
Data from Cryptoslam.io shows that 1.2 million transactions were made across 19 blockchain networks by 400,748 buyers of non-fungible tokens, with a total trading volume of $208.99 million in the first week of 2023. The Ethereum blockchain captured the lion’s share of $164.35 million.
This week, sales by NFTs based on the Ethereum blockchain are up by 26.22%, Solana-based NFTs followed with a 28.8% increase, ImmutableX-based NFTs are up by 20.83%, and BNB-based NFTs are up by 71.35%. The data shows that sales made by Binance-based NFTs have the largest increase in the past 7 days with 71%. Binance chain is followed by Theta, which increased by 69.82%.
NFTs popular with collectors in January
Apart from Bored Ape Yacht Club (BAYC), other top collections are Mutant Ape Yacht Club (MAYC), the second collection of choice. BAYC was followed by Azuki, Bored Ape Kennel Club (BAKC), and Captainz. Cryptopunks, Art Blocks Explorations, and Otherdees are also among the top 10 collections in the past 7 days.
The Bored Apes collection led the NFT top sales, while the five most expensive collectibles sold this week are from Mineablepunks. These are Mineablepunks 11,467, #11,755, #11,467, #11,755, and #11,467. The company generated $5.4 million in sales last week. This is 49.5% lower than Mineablepunks sales of the previous week.
Floor value of top NFT collections
According to January 10 data from nftpricefloor.com, BAYC is still the most expensive NFT with a floor value of 78.8 ETH, followed by Cryptopunks with a floor price of 66.8 ETH, Mutant Ape Yacht Club (18.3 ETH) and Chromie Squiggle (16.99 ETH).