NFT SALES VOLUME INCREASE IN 2 CONSECUTIVE MONTHS

The growth in NFT sales volume for the second consecutive month has the Web3 community buzzing. Even the most upbeat people today are unsure if the bear market has ended. The year 2022 has been disastrous for NFTs and the cryptocurrency market as a whole, with the majority of projects losing almost all of their value.

However, based on information from multiple markets, 2023 appears to be a good year for the Web3 sector. Dune, an analytics tool, reports that OpenSea has seen monthly Ethereum NFT sales volume increases back-to-back for more than a year.

This month, the NFT market was able to handle trades worth approximately $320 million in Ethereum NFT. In comparison to the total amount reported in December and over $67 million in November, this is an increase of $37 million.
Since April 2022, such improvements have not been seen on OpenSea consecutively until last month. The profits have spread throughout the network as ETH has increased by 33% over the last month.

Credit Current Yuga Labs NFT Sales Volume Is a Shadow of Last Year’s
After months of loss, the gains are greatly appreciated in the NFT market. Despite the fact that they are very different from where the market was at the beginning of last year. With more than $4.8 billion in Ethereum NFT sales in January of last year, OpenSea was able to post its greatest month ever.

Before the drop started, it then maintained NFT sales volume of at least $2 billion for five straight months. It’s interesting to note that the last time the market saw consecutive increases in NFT sales volume was in December 2021 and January 2021.

Despite this, top collections on Ethereum and other marketplaces are advancing as well. The cheapest posted Bored Ape Yacht Club (BAYC) NFT is selling for $108,000 in ETH, according to a quick glance. That represents a rise of almost 27% over the previous month. Additionally, the lowest CryptoPunks NFT is now trading for $108,000 following a 41% increase in the previous 30 days.