The NFT market, after recording a decline in sales and the overall market last year, seems to be recovering. According to NFT data aggregator CryptoSlam.io, NFT sales grew 16% in the first three weeks of 2023 compared to last year. According to the report, more than 320,580 people purchased digital collectibles between January 1st and 21st alone. Built on blockchains, NFTs or digital collectibles are giants. Virtual representations of art, animals, and game characters, among other things, can function in metadata.
In the past seven days, the sales of NFT up 43.48 percent from the previous week, a bitcoin.com report said, citing statistics from CryptoSlam.io.
NFT is built on an upgraded, energy-saving foundation Ethereum Consolidation blockchain, recorded a maximum sales of more than $206 million (approximately Rs 1,675 crore) in last week’s total NFT sales. The purchase of Ethereum-based NFTs has increased by 24.78% this year.
NFT powered by Solana became the second best-selling digital collection and achieved sales of over $36 million (approximately Rs 292 crore) in the past seven days.
NFTs created on other blockchains such as Theta, Fantom, Palm, Eax also recorded an increase recently.
An NFT from Bored Ape Yacht Club (BAYC) and two words CryptoPunk series emerged as the three most expensive NFTs that were stolen in the past week.
Industry analysts predicted in the last week of December that NFT sales would skyrocket in the first half of 2023.
“Brands will try to outdo each other for visibility to native audiences of crypto. The adoption of cryptocurrencies in retail, largely driven by their indirect exposure to virtual digital assets through brands they tend to interact with, will also increase,” said Rajagopal Menon, Vice President at crypto exchange WazirX said on December 30, 2022.
After the crypto industry fell into a slump in the second half of 2022, the low risk sentiment also affected potential NFT buyers, who decided to take a break from their passion.
According to one Bloomberg reportNFT sales recorded a 16-month low last December.
From January to December 2022, NFT transaction volume report fell 97 percent and is now on the way to recovery.
