- Activity on the social front for NFTs increased globally.
- Top NFT collections witnessed a hike in prices and NFT marketplaces registered a surge in sales.
According to data gathered by LunarCrush, it was observed that global activity around NFTs reached new heights. In fact, the social mentions and engagements for the global NFT market witnessed a massive spike over the last week.
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This surge in activity on social media was caused by the collective interest generated in multiple NFT collections ranging from the Bored Ape Yacht Club (BAYC) to CryptoPunks and Meebits.
It looks like the #NFT season might be making a comeback! There has been a lot of activity on social media and in the market recently.
? Open this thread for some insights ⤵ pic.twitter.com/eGYL9Revrh
— LunarCrush (@LunarCrush) December 28, 2022
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This sudden increase in interest could have impacted the price of NFT collections such as BAYC. According to data provided by NFTGO, the floor price for BAYC NFTs increased by 15.02% over the last seven days. Along with that, the concentration of Whale Sales also increased towards the end of the week.
Source: NFTGO
Other NFTs, such as CryptoPunks, also observed positive developments. Based on the data provided by DappRadar, the volume of the CryptoPunks NFT collection grew by 89.64% in the past week. At the time of writing, the volume of the CryptoPunks NFT collection was $91.19 million.
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Coupled with increasing volume, the number of NFT transactions for CryptoPunks increased too. Over the last seven days, the number of transactions increased by 65.45%, according to DappRadar.
Source:Dapp Radar
It was evident from the aforementioned data that top NFT collections were faring well even in this bear market.
But that was not the only indicator of a strengthening NFT market. In fact, the overall state of the NFT marketplaces also suggested a positive outlook for the sector.
Looking at the marketplace
According to data provided by Dune Analytics, the overall number of sales being made on NFT marketplaces increased over the past few months. OpenSea dominated this sector and managed to have more sales than all other marketplaces.
Source: Dune Analytics
Even though the number of sales on the platforms was increasing, the average size of a sale decreased materially over the last few months. In terms of sale size, Blur managed to outperform OpenSea.
At press time, the average sale size on the Blur marketplace was 2.034 ETH, whereas the average sale size for OpenSea was 0.506.
Source:Dune Analytics
Even though the NFT marketplaces registered growth in the crypto winter, it is still uncertain whether the pace will continue in the near future.
