The NFT market on the rise: millions of dollars are back

The end of the tunnel ? – After a terrible year 2022 for the NFT market, the latter seems to have recovered since January 2023. After a prolonged drop in purchase volumes on the various platforms, a return to sales could perhaps be the beginnings of a future trend . Analysis.


NFT market, an encouraging increase in volume for 2023

While the platforms vigorously defend their share of this giant pie to NFT aromas, there is no doubt that they seem confident in the future of the market. And for good reason, this new universe of artistic expression has the advantage of revolutionizing the methods of remuneration for creators. In addition to their artistic aspect, many NFTs also show unsuspected usefulness: community aspect, highlighting of brands, video games, metaverses, clubs… And soon perhaps also our Numeric identity in web3. This feat is made possible thanks to this strange creation unveiled last year by Vitalik Buterin: Soulbound Tokens.

While the market sleeps, the sector therefore continues to build and develop. A market that nevertheless seems to be waking up little by little. As demonstrated by the rise progressive sales volumes of the last few months.

Could the increase in NFT sales volumes in recent months be the harbinger of renewed attractiveness?
Sales volumes of NFT marketplaces have been on the rise in recent months – Source: The Block

Growth reinforced by a few recent rather spectacular sales. They unsurprisingly concern the luxurious collections of Bored Ape Yacht Club (BAYC) and Cryptopunks. Sales that easily exceed one million dollars.

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The most popular collections on the front of the stage

On Monday, it was cryptopunk 5066, one of the rarest, which sold for the modest sum of 857ETH. Is around $1.4 million. It was sold by Kévin Rose, co-founder of the Moonbirds NFT collection. For him, this sale was necessary in order to rebalance his NFT portfolio following the deadweight loss he suffered a few weeks earlier. Indeed, the collector had the misfortune to be stolen the equivalent of $1 million in NFT last January. The acquirer of the cryptopunks would be the mysterious bitshamed.eth.

The luxury NFT collections are the subject of significant new sales.  They have therefore not lost their appeal despite a particularly difficult year 2022 for the market.
One of the famous Cryptopunks bought for $1.4 million

Shortly after, it is the turn of BAYC number 7090 to change ownership for 800ETH. The equivalent of $1.3 million. It is one of the rarest in the collection, ranked 62e out of the 10,000 members of this very exclusive simian club. The previous owner of the monkey was Jimmy McNelisan NFT collector.

False rebound or harbinger of a recovery? Nobody knows, but the NFT market does not seem to have said its last word. Thanks to a renewed interest in the crypto market or an upcoming technological revolution, it could well afford new madness in the years to come. Follies that web2 companies could well want to enjoy.

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