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Recovering from the previous year’s blow will be the primary objective for the NFT market in 2023. All eyes will be on popular collections including Bored Ape Yacht Club (BAYC), CryptoPunks, Otherdeeds among others. Latest data from CryptoSlam, a data aggregator, shows that global NFT sales declined by 4% this week. This is actually a positive sign as yesterday, a news website reported an almost 60% decline in a week.
Green-Green everywhere
BAYC is currently leading the market with a trading volume of $16.3 Million, however the collection showed a decline by over 14% this week. Meanwhile, Its cousin NFT collection, Mutant Ape Yacht Club (MAYC), demonstrated a whopping 45% rise, and Otherdeeds, the land plots persisting in Yuga Labs’ Otherside metaverse, were up by 22%.
There’s a lot of hype around Otherside as it is expected to be launched at some point this year. Yuga Labs released the First Trip during July 2022 which offered a glimpse of what they are going to see upon the official release. In another announcement in December 2022, the company revealed its plans for a “Second Trip” in 2023.
Recently, the organization released Dookey Dash, a game associated with BAYC which may link users to the Otherside metaverse. The possibility arises as the latest release shares some “gooey” features with some Otherdeeds. Moreover, the users will require a ‘Sewer Pass’ to gain gaming accessibility.
Coming back to the metrics, Bored Apes dominated the “luxury” arena as 5 NFTs from BAYC collection made it to the top ten highest grossing tokens with Bored Ape #7576 remaining the most expensive from the troupe. However, CryptoPunks became the most valuable NFT with CryptoPunk #4608 going up for $329K, followed by CryptoPunk #6994 ($283.7K).
Ethereum is yet to be defeated in the NFT bowl. The blockchain recorded $136 Million in sales this week. However, Solana dominates the table in terms of on-chain transactions. Also, both the networks witnessed a considerable rise in buyers with the runner-up gaining 364% while the leader 131%.
Fan tokens were no exception as nine out of top ten experienced upping sales. Atletico Madrid (ATM) became the biggest gainer, rising by a whopping 730% this week. However, Santos FC (SANTOS) has the throne with trading volume reaching $257.6 Million. Manchester City (CITY) remained the only asset experiencing a downfall with a 19% (approximately) plunge during the last 7 days.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
