- Two prominent high-volume NFTs have sold for over $1M USD each.
- NFT market volumes on Ethereum (ETH) have steadily increased over the last 30 days.
- Ethereum-based market volumes outperform those of leading blockchains like Solana (SOL) and Cardano (ADA).
The NFT market continues to display promising signs of growth as the year progresses.
On February 7th, 2023, two high-volume Ethereum-based NFTs from CryptoPunks and Bored Ape Yacht Club (BAYC) sold for over $1M USD, respectively.
CryptoPunk #5066 sold for 857 ETH, worth approximately $1.4M USD at the time of writing.
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Punk 5066 bought for 857 ETH ($1,400,192.27 USD) by 0x26206c from 0x8721cf. https://t.co/Su6Cyohr8r #cryptopunks #ethereum pic.twitter.com/wwmKp9DsjkBored Ape Yacht Club #7090— CryptoPunks Bot (@cryptopunksbot) February 6, 2023
ORDER UP » @Boredapeyc Member @j1mmyeth Sold This Gold Fur Service Ape Sold For 800 Eth Or $1.3 million USDSee what J1mmy told the Gazette after the sale and take a look at J1mmy’s BAYC collection: https://t.co/SoxTYs8nc8— The Bored Ape Gazette (@BoredApeGazette) February 7, 2023
The recent increase in NFT sale activity is in line with recent data, which indicates a rise in sales and trading volume in the Ethereum ecosystem.
A Favorable Environment for NFTs?
According to analytical data by IntoTheBlock, NFT market volumes have steadily increased since January 2023.
Trading volumes grew from $70,44B on January 5th, 2023, to $71.71B on February 4th, 2023. The three most notable surges were recorded on January 15th, 18th, and 21st, 2023.
Source: Intotheblock.com
The highest-value transaction made on the Ethereum blockchain in the past 30 days was the sale of CryptoPunk #5066 for 857 ETH (approximately $1.4M USD). The total NFT sales volume on the Ethereum blockchain reached $839M in the last 30 days, an increase of 35.68% from the previous month, according to CryptoSlam.
Transaction volumes also increased in the last 30 days, notching a 26.23% improvement month on month.
Beyond the Ethereum ecosystem, the other prominent blockchains have experienced both increases and decreases in terms of sales and transaction volumes.
Considering More Blockchain Statistics
In contrast, the trading and sales volumes on other prominent blockchains have not exactly reflected similar notable increases.
The total NFT sales volume on the Cardano blockchain for the past 30 days reached over $14M, marking a 24.82% increase from the previous month.
However, transaction volumes decreased by 15.36%, as per data from CryptoSlam.
The highest value sale made on the Cardano blockchain was Book.io – Dr Jekyll and Mr. Hyde NFT, which raked in 175,000 ADA (approximately $61,000 USD) on January 16th, 2023.
The Solana blockchain had a $134M USD trading volume in the last 30 days, marking a 16.37% increase. The biggest NFT sale on the Solana blockchain was the $85K USD purchase of BOOGLE #021 on January 14th, 2023.
Similarly to Cardano, Solana recorded a 6.93% decrease in transaction volumes.
Considering these statistics, the Ethereum ecosystem has enjoyed a greater increase in sales and transaction volumes compared to other prominent blockchains. The segmented success of the NFT sector risks limiting its long-term prospects.
On the Flipside
- Some factors align in favor of the Ethereum ecosystem, but the blockchain has seen a slow start to February in comparison to January increases.
- The NFT market is anticipated to recover from the 2022 bear-market lows as mainstream adoption increases into 2023.
Why You Should Care
Sustainable increases in NFT sales and transactions on the Ethereum blockchain could help restore positive market sentiment and indicate similar increases for the broader NFT market.
Read more about recent BAYC NFT sales:
Memeland Goes Bananas for BAYC in $1.3M USD Spending Spree
Read more about Ethereum prices going into February:
Ethereum (ETH) Spikes 7% to Close in on $1,700, but All Eyes Are on the $2,000 Mark