NFT Trading Volume Booms, Crypto Winter Approaches Its End

$50M Loans With NFT as Collateral Recorded in a Month
  1. NFT trading volume hit a three-month high yesterday.
  2. The single-day trading volume exceeded 32,000 ETH.
  3. It seems NFTs are once again thriving despite crypto market sentiment.

NFT sales are leading the charge, the start of the end of the crypto winter is making its arrival known. According to NFTGO data, NFT trading volume within the NFT market is making a huge comeback. 

It seems that crypto winter may be thawing out with the start of 2023. On January 05, 2023, the single-day trading volume of the NFT market exceeded 32,000 ETH. This is a three-month high and a great start to the year.

Accordingly, OpenSea’s ETH-denominated trading volume also hit a two-month peak. Taking a closer look at the NFTGO data, the market overview has a lot of interesting facts to share. The data shows real-time global NFT market data.

Specifically, this data encompasses data from over 4,897 listed NFT collections and 39,710,260 NFTs in total. Presently the market sentiment is still on 31 showing cool and yet we have seen a significant rise in NFT trading volume. As the sentiment turns towards heat, we may see a massive bull run in the NFT space as well.

The data says there are over 19,000 buyers and over 25,000 sellers within the last 24 hours. From this, over 6 million of the trading volume comes from PFP NFTs while the rest is divided between gaming, collectibles, art, metaverse, land, and utility NFTs.

In addition, the data shows that 8.39% of the transactions have to do with Bored Ape NFTs while 7.97% comes from CryptoPunks trades. Meanwhile, Art Blocks takes 2.94% and The Sandbox holds 2.36%   

As for the NFT marketplaces that are getting the most of this action, Blur saw over 18,000 in trading size. OpenSea comes next with almost 15,000. However, the most number of traders, buyers, and sellers are found on OpenSea. 

It is no surprise that NFT sales are still on the up and up despite the last crypto winter. After all, NFT sales have always been on the rise even during the harshest of crypto winters. This is indeed a good sign for the crypto market in 2023. 

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A focused and vigilant storyteller for all things blockchain and cryptocurrency. Besides consuming every piece of literature about the metaverse, she can often be found at industry convections looking for the latest scoop.