NFT sales volume is up for the second consecutive month, eliciting excitement within the Web3 community. Now even the most optimistic can’t help but wonder if the bear market is over. It’s been a torrid 2022 for NFTs and the crypto market in general, with most projects losing nearly all of their value.
However, 2023 seems promising for the Web3 space, as data from various marketplaces indicates. According to Dune, an analytics platform, OpenSea has recorded back-to-back monthly Ethereum NFT sales volume rises in over one year.
The NFT marketplace has managed to process over $320 million in Ethereum NFT trades this month. That is $37 million more than the total amount recorded in December and over $67 million in November.
Last month was the first month since April 2022 when such gains were witnessed in consecutive months on OpenSea. The gains have had a ripple effect across the network, as ETH is also up 33% over the past month.
Current NFT Sales Volume A Shadow Compared to Last Year
The gains are much welcomed within the NFT space after months of decline. Even though they are a far cry from where the market was at the start of last year. OpenSea managed to record its best month last January with over $4.8 billion in Ethereum NFT sales.
Then it managed at least $2 billion in NFT sales volume for five consecutive months before the decline began. Interestingly, December 2021 and January 2021 were the last time the marketplace recorded consecutive gains in NFT sales volume.
That said, top collections on Ethereum and other marketplaces are also seeing gains. A quick glance reveals the cheapest listed Bored Ape Yacht Club (BAYC) NFT is going for $108,000 in ETH. That’s an increase of over 27% in the past month. Also, the lowest CryptoPunks NFT is going for $108,000 after a 41% jump in the last 30 days.