Introduction
In December 2022, the non-fungible token (NFT) market experienced a significant surge, with Ethereum leading the top digital collectible blockchains in sales. This upward trend began in October and continued throughout the month of November, with NFTs recording their highest weekly sales volume since March.
The Upward Trend Continues
According to CryptoSlam, a leading NFT data tracker, digital collectibles recorded more than $187 million in weekly sales volume during the first week of December. This marks a significant increase from the previous month, with November’s strongest week reaching only $181 million in NFT sales.
The upward trend in NFT volumes can be attributed to several factors, including:
- Increased adoption: More artists and creators are experimenting with NFTs, leading to a wider range of collections and unique digital assets.
- Improved user experience: The development of user-friendly platforms and marketplaces has made it easier for collectors to discover, purchase, and store NFTs.
- Growing interest in blockchain technology: As the use cases for blockchain expand beyond cryptocurrencies, more people are becoming interested in the underlying technology and its applications.
Ethereum Leads the Pack
Ethereum is currently leading the top digital collectible blockchains in sales, with a significant 44.69% increase from the previous week. This surge can be attributed to popular NFT collections like Pudgy Penguins and CryptoPunks, which have seen strong performances.
- Pudgy Penguins: This collection has recorded $25 million in sales, marking a 346% increase from the previous week.
- CryptoPunks: With over $16.5 million in weekly sales, CryptoPunks ranked second among NFT collections.
Top NFT Collections by Seven-Day Sales Volumes
Here are the top NFT collections by seven-day sales volumes:
| Rank | Collection | Weekly Sales |
| — | — | — |
| 1 | Pudgy Penguins | $25 million |
| 2 | CryptoPunks | $16.5 million |
| 3 | Bitcoin-based NFTs | $43.8 million |
Bitcoin-Based NFTs Follow Close Behind
Bitcoin-based NFTs are following closely behind Ethereum, with a combined weekly sales volume of $47 million.
Solana, Immutable, Mythos Chain, Polygon, Cardano and Flow: A Combined Effort
Other blockchain platforms, including Solana, Immutable, Mythos Chain, Polygon, Cardano, and Flow, have also seen significant sales volumes. These blockchains combined for a total of $47 million in weekly sales.
Related News
- Nike-Owned NFT Wearables RTFKT to Sunset in January: Nike-owned NFT wearables company RTFKT will be ceasing operations in January.
- Ethereum Price Breaks Above $4,000: Ethereum’s price has broken above $4,000, reaching a high of $4,067 on December 6.
Magazine: Von Mises Bought 60 CryptoPunks in a Month Before the Price Spiked
A recent article highlighted the story of a collector who purchased 60 CryptoPunks just before the price surged. This example illustrates the potential for NFTs to appreciate in value over time.
Conclusion
The surge in NFT sales is a positive sign for the market, indicating growing interest and adoption. As more creators experiment with NFTs and user-friendly platforms emerge, it’s likely that this trend will continue. Stay tuned for further updates on the NFT landscape!
