NFT Market On Recovery Road: CryptoPunk Sells For Nearly $1.5M

NFT Market On Recovery Road: CryptoPunk Sells For Nearly $1.5M

So far, 2023 appears to be a great year for the NFT market as a CryptoPunk was sold for 857 ETH. Interestingly, the iconic collection together with the Bored Ape Yacht Club (BAYC) reported more than $1 million worth of sales in only 24 hours. These promising statistics prove once more that most blockchain industries are finally on road to recovery after the severe 2022 bear market.

The most popular blue chip nonfungible tokens projects like CryptoPunks and BAYC scored over 1 million sales as the market recovers.

How Did A CryptoPunk Sell For More Than $1M?

The Web3 world now rejoices as NFT trading is now improving significantly after the bear market last year. The latest example is CryptoPunk #5066 which sold for a staggering 857 ETH, meaning nearly $1.5 million at the time.

In the past, the collectible belonged to NFT whale Kevin Rose, who also co-launched the Proof Company (also known as Moonbirds). At the time of publication, the lucky buyer remains anonymous.

Nonetheless, BAYC also scored an incredible 800 ETH sale this week for Bored Ape Yacht Club #7090. In that context, this is one of the top 70 rarest NFTs of the collection. Its holder, web3 investor Jimmy McNeils, sold it to another anonymous collector.

NFT market booming again

Considering the sales and other promising trading volume charts, the community cannot help but wonder: will 2023 turn out to be a great year?

Recent NFT project drops have grown in general sales by at least 30% in January alone.

Is The NFT Market Booming Again?

In 2022, both NFT developers and collectors were severely impacted by the persistent crypto bear market – although the NFT market in general amassed at least $35 billion in 2021 and 2022. The trading volume is exploding by the minute in 2023.

For instance, the total NFT sales volume increased by 38% in January alone, meaning that it recorded nearly $947 million. Notably, traders sold 42% more NFTs than in the previous months – representing remarkable growth.

The increased trading activity is partial because of the latest drops from iconic NFT projects.

Which NFT Projects Should You Consider Now?

For starters, Yuga Labs’ Sewer Pass drop for their impressive limited-edition game Dookey Dash resulted in a massive frenzy among followers. The team’s clever strategy increased the BAYC and MAYC collections’ trading volume in 2023. Interestingly, this launch alone represents 34% of all nonfungible token (NFT) transactions in January.

In the meantime, Doodles’ Dooplication feature, introduced on February 1, is another exciting NFT drop. As expected, the Doodles NFT holders can customize all their collectibles using the new Dooplicator.

Lastly, the renowned PFP project Moonbirds started the year by signing with United Talent Agency, a popular agency in Hollywood. All that exciting news might grow the brand’s concept to a bigger audience, including people unfamiliar with NFTs.

Although the year has just started, there are many exciting projects and drops in the pipeline.

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