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The NFT Market Reserruction 2023

NFTs are rising from the dead, well heck! It wasn’t dead in the first place. The lifeless body of the NFTs market has started twitching and rising. Ladies, and gentlemen! NFTs are alive, well, and kicking. The recent NFT trade activity in the marketplaces has defied the reports that NFTs are gone forever. We have our hands on NFT sales data for the month of January 2023 which a lot of NFT critics won’t like. The NFT sales on the Ethereum blockchain, which records most NFT trades, soared high and reached $780.2 million. When we compare the figures with the previous month i.e. $546.9 million, it shows that NFT trading is rising again. 

Thanks to the data tracking by CryptoSlam, NFTs are showing signs of life and pulling back from the steep nosedive just like the crypto industry.

NFTs Making a Comeback

So, what kind of NFTs are selling like hotcakes at the moment? Well, digital art collectibles are a big hit since January this year. The top NFTs that managed to grab the attention of the community are “Bored Ape Yacht Club# 5840.” So, the NFT shows a cartoon monkey emitting green laser beams from its eyes. This NFT bagged a sale worth $822, 730. Another example is “CryptoPunks#7674”, a pixelated 8-bit character smoking a pipe, which went for $433,555. These are spectacular figures given the ongoing recession and crypto winter. However, the average sale price of NFTs is still modest accounting for $372.38. 

Although the NFT sales at the start of 2023 are promising, when compared to January 2022 it’s not even a fraction. Last year January saw $5 billion worth of sales and NFTs were enjoying a high ride. The decline started to emerge in Q2 of 2022 when May had $2.7 billion worth of NFTs trading. During Q2 2022, the market took a severe nose dive and many started regarding NFTs as a thing of the past. 

NFTs Past, Present, and Future

Nonetheless, the NFT market is getting back on its feet and inching its way out of the abyss it had fallen earlier. A month before January, NFT sales stood at $324 million, and rising to $780 million shows signs of significant recovery. Many traders and investors are betting on blockchain games, and powerful brands to lift NFTs once again. 

As of now, there are a total of 30,000 to 50,000 active NFT traders in the market which is expected to rise. Experts are of the opinion that the NFT marketplace will get back to its previous golden run if it manages to bring aboard a big wave of participants this year. 

“We will see another 2021-style run when we are able to really bring on board the next big wave of participants into the space,” said Teng Yan, lead researcher at Delphi Digital.

However, it is too early to speculate a 2021 kind of run for NFTs this year. Although there has been a recent uptick, the fate of non-fungible tokens is still uncertain. Many cryptocurrency experts do not anticipate a recurrence of the 2021 surge in the near future. There are doubts about the enduring appeal of paying to have ownership of a digital file recorded on the blockchain, particularly when that file is available for free to anyone online.

Blur Entrance in NFT Market

The recent surge in NFT sales on the Ethereum blockchain may also be relatable to a new entrant in the market. Blur is a new NFT marketplace that managed to grab the attention of several key investors in the market. The new entrant Blur launched last year and offered free giveaways and airdrops to the community. According to data from DappRadar, the total trading volume of NFTs on Blur’s platform over the past seven days has reached 101.2 million, slightly surpassing the 100.4 million seen on the dominant marketplace OpenSea.

Blur’s NFT trading volumes were slightly higher than OpenSea’s in the last seven days. However, over the past 30 days, OpenSea has remained the leader with trading volumes totaling $443.98 million, compared to Blur’s $366 million.

Bitcoin Blockchain Minting NFTs

There is a recent buzz among crypto enthusiasts due to a novel application of the bitcoin blockchain for creating an NFT collection. Bitcoin Punks, a series of monkey-themed NFTs and a spin-off of the popular CryptoPunks collection, has garnered attention. According to some media reports, Bitcoin Punk NFTs made as much as 9.5 bitcoin, equivalent to roughly $205,000.

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