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

• Crypto Punk NFT sold for six times the amount it was bought.
• NFT market would need some crypto price recovery to sustain a 2023 revival.

If you were of the viewpoint that the NFT market year would end in a turnaround, then you may not be too far from the truth. Despite a rally on the horizon, investors should definitely not expect an all-round recovery. However, a recent trade from a blue-chip Ethereum [ETH] collection could set things in motion.

According to Wu Blockchain, a Crypto Punk NFT that was bought for 175 ETH – $210,000 – was six times this buying price. The NFT, Crypto Punk #2066, sold for 1155 ETH, amounting to $1.38 million.

Details from the transaction showed that the same collector had numerous offers until 28 December. But he declined to let go of the asset. 

One shot is sometimes a goal

The trade contributed to the manner Crypto Punks displaced other collections to the apex of the market sales volume. In 2021, the collection was part of the top three across all chains, with hundreds of millions of dollars in sales.

The performance pushed the same momentum into the first quarter (Q1) of 2022. Unfortunately, the dip in crypto prices and a series of uneventful incidents led to a massive decline in floor prices and traders’ interest.

According to CryptoSlam, Crypto Punks registered a 154% uptick in sales in the last 24 hours. These trades amounted to $2.60 million, involving 11 sellers and buyers in 15 transactions.

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

Source: CryptoSlam

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

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

Ethereum NFTs sales volume | Source: CryptoSlam

Solana NFTs: Where art thou headed?

For Solana [SOL] NFTs, the crypto market’s downturn, coupled with some breakdown in its chain, exempted it from a quick Q1 recuperation. At some point in 2022, Solana NFTs outperformed those of Ethereum. But at press time, the table had turned. 

The abysmal performance of SOL dropping to $9 and a fall to 17 in market capitalization rankings also contributed to the same. However, traders who prefer the Proof-of-History blockchain might need to keep their hopes up.

At press time, sales were down to $3.37 million in the last 24 hours, although there was a notable improvement in buying and selling interaction.

Solana NFTs sales volume | Source: CryptoSlam