Status check on the NFT marketplace before 2023 – Is the NFT season returning
- Activity on the social front for NFTs increased globally.
- Top NFT pools witnessed an increase in prices and NFT marketplaces recorded an increase in sales.
According to data collected by LunarCrush, it was observed that global activity around NFTs reached new heights. In fact, the social mentions and engagements for the global NFT market have witnessed a massive increase in the past week.
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This increase in social media activity was caused by the collective interest generated in several NFT gatherings, from Bored Ape Yacht Club (BAYC) to CryptoPunks and Meebits.
It looks like #NFT the season might be making a comeback! There has been a lot of activity on social media and in the market recently.
📑 Open this thread for some insight ⤵ pic.twitter.com/eGYL9Revrh
— LunarCrush (@LunarCrush) 28 December 2022
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This sudden surge in interest may have affected the price of NFT pools like BAYC. According to data provided by NFTGO, the floor price of BAYC NFTs has increased by 15.02% over the past seven days. Along with that, the concentration of whale sales also increased towards the end of the week.
Source: NFTGO
Other NFTs, such as CryptoPunks, also observed positive developments. Based on the data provided by DappRadar, the volume of CryptoPunk’s NFT collection increased by 89.64% in the last week. At the time of writing, the volume of CryptoPunk’s NFT collection was $91.19 million.
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Along with increasing volume, the number of NFT transactions for CryptoPunks also increased. In the last seven days, the number of transactions has increased by 65.45%, according to DappRadar.
Source: Dapp Radar
It was clear from the aforementioned data that top NFT collections fared well even in this bear market.
But that was not the only indicator of a strengthening NFT market. In fact, the overall state of the NFT marketplaces also suggested a positive outlook for the sector.
Looking at the marketplace
According to data provided by Dune Analytics, the total number of sales on NFT marketplaces has increased in recent months. OpenSea dominated this sector and managed to have more sales than all other marketplaces.
Source: Dune Analytics
Although the number of sales on the platforms increased, the average size of a sale has decreased significantly in recent months. In terms of sales volume, Blur managed to outperform OpenSea.
At press time, the average sale size on the Blur market was 2.034 ETH, while the average sale size for OpenSea was 0.506.
Source: Dune Analytics
Although the NFT marketplaces recorded growth in the crypto winter, it remains uncertain whether the pace will continue in the near future.
