The crypto market is facing a very severe winter, and in a bear market that is falling in waves, the NFT market seems to be turning a corner, with total sales up more than 26% in just one week.
NFT sales up 26% in a week Bored Ape Yacht Club Head portrait sold for $1.17 million
Sentiment in the crypto market continues to be sluggish, and even the once-hot non-fungible token (NFT) market has been on the verge of a “pending” collapse. Entering September 2022, the NFT market finally ushered in the long-lost dawn, with sales soaring 26% in just one week, recording a total of US$180 million.
BAYC#6588 sells for 769.9 ETH
In the past week, the top three most expensive NFTs were BAYC#6588, BAYC#441, and NFTiff#212, with prices of 769.9ETH, 350,000DAI and 175ETH respectively.
As the blockchain with the most NFT projects at present, Ethereum has the highest NFT sales, accounting for 44% of the total sales value, followed by Polygon, Solana, Immutable X and Binance Smart Chain.
The NFT market is expected to recover steadily
Although the NFT transaction volume in recent months has indeed fallen sharply, this does not mean that investors’ interest in NFTs is declining.
All in all, the data of the NFT market in January were all at historically high levels. In other words, the decline during this period was more like a simple, short-term correction.
In addition, affected by the situation in Russia and Ukraine, the market reaction is generally focused on hedging. Global investors retreat to low-risk assets, causing some funds to flow out of the NFT market, which will make the short-term trend relatively weak.
However, the investment potential of NFTs still exists. As the economic environment is gradually recovering, it is believed that a large amount of funds will flow into the financial market, driving the entire crypto market to a new peak.