Could the NFT market be in pole position for a Q1 2023 revival?

  • Crypto Punk NFT sold for six times the amount that was bought.
  • The NFT market would need a recovery in the price of cryptocurrencies to sustain a revival in 2023.

If you were of the point of view that the NFTs market year would end in a change, so that may not be too far from the truth. Despite a rally on the horizon, investors should definitely not expect a general recovery. However, a recent trade in a blue-chip Ethereal [ETH] collection could set things in motion.

According to Wu Blockchain, a crypto punk NFT that was purchased for 175 ETH ($210,000) was six times this purchase price. The NFT, Crypto Punk #2066, sold for 1,155 ETH, worth $1.38 million.

Details of the transaction showed that the same collector had numerous offers until December 28. But he refused to release the asset.

A shot is sometimes a goal

Trading contributed to the way Crypto Punks displaced other collections at the top of market sales volume. In 2021, the collection was a top three across all chains, with hundreds of millions of dollars in sales.

Performance fueled the same momentum in the first quarter (Q1) of 2022. Unfortunately, the fall in cryptocurrency prices and a series of uneventful incidents led to a massive drop in price floors and trader interest.

According to CryptoSlam, Crypto Punks recorded a 154% increase in sales in the last 24 hours. These exchanges totaled $2.60 million, involving 11 sellers and buyers in 15 transactions.

Mutant Ape Yacht Club, owned by Yuga Labs [MAYC] Y Bored Monkey Yacht Club [BAYC] came second and third, respectively. While MAYC posted an increase like Crypto Punks, the more famous BAYC chose a decrease in volume.

Source: CryptoSlam

Curiously, Ethereum NFTs it performed well in December 2022. At the time of writing, the NFT sales information provider reported that sales under the Ethereum blockchain reached $535 million in the last 30 days.

However, the last 24 hours did not produce a similar performance as sales fell 5.41%. That being said, trending meant that the market remained oblivious to a specific direction.

Ethereum NFT sales volume

Ethereum NFT sales volume | Source: CryptoSlam

Solana NFT: Where are you headed?

For Solarium [SOL] NFTs, the cryptocurrency market crash, coupled with a break in its chain, spared it from a quick recovery in Q1. Sometime in 2022, Solana’s NFTs surpassed Ethereum’s. But at press time, the table had turned.

The dismal performance of SOL dripping at $9 and a drop to 17 in the market capitalization rankings also contributed to the same. However, traders who prefer the proof of history blockchain may need to maintain their hopes up.

At press time, sales were down to $3.37 million in the past 24 hours, though there was a noticeable improvement in buy and sell engagement.

Solana NFT sales volume

Solana NFT sales volume | Source: CryptoSlam