The Web3 community is excited that NFT sales volume increased for the second consecutive month. Even the most optimistic people can’t help but wonder whether the bear market has ended. NFTs and crypto markets in general have had a difficult 2022, with many projects losing almost all their value.
Data from different marketplaces suggests that 2023 looks promising for the Web3 market. OpenSea, an analytics platform, has seen back-to-back increases in Ethereum NFT sales volume over the past year, according to Dune.
This month, the NFT marketplace processed more than $320 million in Ethereum NFT transactions. This is $37 million more than December’s total and $67 million more November.
This was the first time since April 2022 that such gains have been recorded in consecutive months on OpenSea. These gains have rippled across the network as ETH has seen a 33% increase over the previous month.
The Current NFT Sales Volume is a Shadow of Last Year
After months of decline, the gains in NFT are greatly welcomed. They are still a long way from the beginning of last year. OpenSea recorded its highest January sales of Ethereum NFTs with more than $4.8 billion.
It then managed to exceed $2 billion in NFT volume for five consecutive month before it began to decline. It is interesting to note that the market saw its last consecutive increase in NFT sales volume between December 2021, and January 2021.
Top collections on Ethereum and other markets are also experiencing gains. Quick glance shows that the Bored Ape Yacht Club (BAYC), NFT, is listed at $108,000 in Ethereum. This is an increase of more than 27% over the last month. After a 41% increase in the past 30 days, the lowest CryptoPunks NFT price is $108,000.
NFT News Today’s first article, “NFT Sales Volume Rises in Consecutive months Prompts Excitement,” appeared first on NFT News Today.