NFT trading volumes are on the rise as 2023 approaches, despite continued market decline. NFTGO data shows that January 5 saw an unprecedented 32,000ETH trade in one day on the NFT Market. This is the first time this has happened in three months. Similarly, OpenSea’s ETH trade volume reached a two-month high on the same day.
Data from DappRadar shows that 2022 saw an increase in total NFT sales volume nearly on par with 2021’s high. The NFT market organic trade volume across all blockchain platforms and marketplaces was approximately $24.7 billion in 2022. This is slightly less than the $25.1 million recorded in 2021.
DappRadar showed that NFTs were traded more frequently than usual last year, while total trading volume was relatively stable. DappRadar logged approximately 101 million NFT transactions in 2022, compared to 58.6 millions in 2021. NFTs were more easily exchanged with lower USD values due to falling crypto and NFT price.
With Terra’s LUNA and UST failing in May, the crypto market lost a lot of value throughout the year. The cryptocurrency market suffered greatly from the collapse of cryptocurrency exchange FTX, and the subsequent industry contagion. This exacerbated the bear market. All year, the NFT market trended in a similar direction.
Sales increased in January 2022 as 2021’s enthusiasm spilled into the new year. OpenSea, a leading marketplace, reported a record month of $5 billion in trade volume. After that, trade volume dropped for a while, but in late April, the launch of NFT land plots for Yuga Labs’ Otherside boosted the market and pushed OpenSea to post a new record for a single-day trading volume.
NFT sales started to increase in December 2022. DappRadar reported approximately $684 million in organic transactions in December, up from $662 million in November. NFT sales increased to over 6.7million in December from 4.8million in November and 6.1million in October. OpenSea has maintained its status as the best venue for organic NFT trades, with $297 million in activity alone during December.