Could the NFT market be in pole position for a revival in Q1 2023?
- Crypto Punk NFT sold for six times the amount it was bought.
- The NFT market will need some recovery in crypto prices to sustain a revival in 2023.
If you were of the view that NFT the market year would end in a turnaround, then you might not be too far from the truth. Despite a rally on the horizon, investors should definitely not expect an all-round recovery. However, a recent trade from a blue-chip Ethereum [ETH] gathering can set things in motion.
According to Wu Blockchain, a Crypto-punk The NFT purchased for 175 ETH – $210,000 – was six times this purchase price. NFT, Crypto Punk #2066, sold for 1155 ETH, valued at $1.38 million.
CryptoPunk #2066 sold for 1155 ETH (about $1.38 million) today. This NFT is one of 88 Zombie Punks. Azuki #2311 was bought by togekiss.eth (0x5c…cd3d) for 175 ETH (about $210,000).
— Wu Blockchain (@WuBlockchain) 31 December 2022
Details from transaction showed that the same collector had countless offers until 28 December. But he refused to let go of the asset.
One shot is sometimes a goal
The trade contributed to the way Crypto Punks displaced other collections to the top of the market sales volume. In 2021, the collection was part of the top three across all chains, with hundreds of millions of dollars in sales.
The performance pushed the same momentum into the first quarter (Q1) of 2022. Unfortunately, the decline in crypto prices and a series of uneventful events led to a massive drop in floor prices and traders’ interest.
In accordance CryptoSlam, Crypto Punks recorded a 154% increase in sales in the last 24 hours. These trades totaled $2.60 million, involving 11 sellers and buyers in 15 transactions.
Yuga Labs-owned Mutant Ape Yacht Club [MAYC] and Bored Ape Yacht Club [BAYC] were second and third respectively. While MAYC recorded an increase like Crypto Punks, the more famous BAYC opted for a decrease in volume.
Source: CryptoSlam
Interestingly enough, Ethereum NFTs performed well in December 2022. At the time of writing, NFT’s sales information provider reported that sales under the Ethereum blockchain were as high as $535 million in the past 30 days.
However, the last 24 hours did not give similar performance, as sales fell by 5.41%. That said, the trend meant that the market remained unaware of a particular direction.
Ethereum NFT’s Sales Volume | Source: CryptoSlam
Solana NFTs: Where are you going?
To Solana [SOL] NFT’s, the crypto market’s decline, combined with some collapse in the chain, exempted it from a quick recreation in the first quarter. At some point in 2022 Solana NFTs surpassed Ethereums. But by press time the tables had turned.
The miserable performance of SOL let go to $9 and a drop to 17 in market value rankings also contributed to the same. But, Traders who prefer the Proof-of-History blockchain may have to keep their hopes up.
At press time, sales were down to $3.37 million in the last 24 hours, although there was a noticeable improvement in buying and selling interactions.
Solana NFT’s sales volume | Source: CryptoSlam
