$1M+ CryptoPunk and Bored Ape Sales to Lead NFT Market Surge?

• Two prominent high-volume NFTs have sold for over $1M USD each.
• NFT market volumes on Ethereum (ETH) have steadily increased over the last 30 days.
• Ethereum-based market volumes outperform those of leading blockchains like Solana (SOL) and Cardano (ADA).

The NFT market continues to display promising signs of growth as the year progresses.

On February 7th, 2023, two high-volume Ethereum-based NFTs from CryptoPunks and Bored Ape Yacht Club (BAYC) sold for over $1M USD, respectively.

CryptoPunk #5066 sold for 857 ETH, worth approximately $1.4M USD at the time of writing.

Meanwhile, Bored Ape Yacht Club #7090 sold for 800 ETH  or approximately $1.3M at the time of writing. The NFT was ranked as the #62 rarest in the 10,000-piece collection by Rarity Tools.

The sales conducted by Kevin Rose and Jimmy “j1mmy” McNelis, both prominent personalities in the NFT space, became two of the largest single NFT sales in the past 30 days, according to CryptoSlam.

The recent increase in NFT sale activity is in line with recent data, which indicates a rise in sales and trading volume in the Ethereum ecosystem.

A Favorable Environment for NFTs?

According to analytical data by IntoTheBlock, NFT market volumes have steadily increased since January 2023. 

Trading volumes grew from $70,44B on January 5th, 2023, to $71.71B on February 4th, 2023. The three most notable surges were recorded on January 15th, 18th, and 21st, 2023.

Source: Intotheblock.com

The highest-value transaction made on the Ethereum blockchain in the past 30 days was the sale of CryptoPunk #5066 for 857 ETH (approximately $1.4M USD). The total NFT sales volume on the Ethereum blockchain reached $839M in the last 30 days, an increase of 35.68% from the previous month, according to CryptoSlam. 

Transaction volumes also increased in the last 30 days, notching a 26.23% improvement month on month.

Beyond the Ethereum ecosystem, the other prominent blockchains have experienced both increases and decreases in terms of sales and transaction volumes.

Considering More Blockchain Statistics

In contrast, the trading and sales volumes on other prominent blockchains have not exactly reflected similar notable increases.

The total NFT sales volume on the Cardano blockchain for the past 30 days reached over $14M, marking a 24.82% increase from the previous month.

However, transaction volumes decreased by 15.36%, as per data from CryptoSlam.

The highest value sale made on the Cardano blockchain was Book.io – Dr Jekyll and Mr. Hyde NFT, which raked in 175,000 ADA (approximately $61,000 USD) on January 16th, 2023.

The Solana blockchain had a $134M USD trading volume in the last 30 days, marking a 16.37% increase. The biggest NFT sale on the Solana blockchain was the $85K USD purchase of BOOGLE #021 on January 14th, 2023.

Similarly to Cardano, Solana recorded a 6.93% decrease in transaction volumes.

Considering these statistics, the Ethereum ecosystem has enjoyed a greater increase in sales and transaction volumes compared to other prominent blockchains. The segmented success of the NFT sector risks limiting its long-term prospects.

On the Flipside

• Some factors align in favor of the Ethereum ecosystem, but the blockchain has seen a slow start to February in comparison to January increases.
• The NFT market is anticipated to recover from the 2022 bear-market lows as mainstream adoption increases into 2023.

Why You Should Care

Sustainable increases in NFT sales and transactions on the Ethereum blockchain could help restore positive market sentiment and indicate similar increases for the broader NFT market.

Read more about recent BAYC NFT sales:
Memeland Goes Bananas for BAYC in $1.3M USD Spending Spree

Read more about Ethereum prices going into February:
Ethereum (ETH) Spikes 7% to Close in on $1,700, but All Eyes Are on the $2,000 Mark