January 2023 mini NFT Bull Run seems to have been confirmed, at least according to the sales story. As the market starts to recover from a severe 2022 second half, the 7-day volume of NFT sales in the first week of 2023 showed an uptick of 26%. The NFT sales volume for the past week is more than $200 million. The new Bull Run appears to be efficient, and with the bad players seemingly out of the market, the question now is, how long will this Bull Run last?
What Is Happening With NFT Sales?
Based on data published by DappRadar, OpenSea alone recorded a 40% increase in NFT trade volumes in the week between January 1 and January 8. Other metrics indicate that there are 1.2 million NFT transactions in this period. It also points to more than 400,000 NFT buyers.
Additionally, NFT sales across many of these blockchains rose, led by Ethereum and the Bored Ape Yacht Club (BAYC) community. Ethereum sales increased by 14.84% with a 24% surge in buyers, reaching 160,241 buyers.
The top NFT collectible sale was seen to be that of a Mineable Punks #11467 – sold on the LooksRare marketplace for an appealing $780,189. Incidentally, the top 3 nonfungible token sales also come from the Mineable Punks project on Ethereum.
The top NFT collection, nonetheless, remained the BAYC, with more than 185 transactions reaching $19,404,425 in sales. Bored Ape Yacht Club was followed by their sub-project Mutant Ape Yacht Club, with 593 transactions totaling $13,767,214 in sales.
Another top NFT sale comes from the top NFT anime project Azuki – with a golden fishing rod spirit Azuki (#7257) selling for more than $350,000. In the past 30 days, Azuki’s floor price has increased 43%, with the Beanz floor price up 127%.
Vibes Are Up
The floor prices for the top NFT projects like CryptoPunks and Bored Apes remain relatively the same. Notably, the CryptoPunks floor price is 66.88 ETH (88,270) while the BAYC floor price is 80 ETH (~101,000).
As the crypto market continues to navigate through the severe crypto winter, the rising bull is now restoring some hope and faith in the sector. There are some drastic movements and shifts of power now happening underneath the NFT ecosystem, and several other hurdles still need to be crossed with regard to bad actors in the space. However, the builders keep building, and the sector shows some signs of healing from here.
