NFT sales volume has started the new year strong, with a 26% increase in sales in the week ending January 7th, led by Bored Ape Yacht Club, which experienced a 53% week-over-week increase according to data compiled by CryptoSlam.
A total of $209 million in sales were completed over the week, with $164 million from Ethereum.
Despite plans to move DeGods and y00ts, the two most valuable NFT projects, to Ethereum and Polygon, Solana’s NFT sales increased by nearly 30% last week. Dust Labs, the startup behind both projects, received $3 million to move blockchains.
Galaxy Analysts stated, “​​The Solana NFT community has been divided in response… While some in the community applaud the move as a smart business decision, others have expressed frustration at the fact that Frank [DeGods/y00ts founder Rohun Vohra] is abandoning Solana precisely when it’s trading at its lowest levels since early 2021.”
Solana’s native token, SOL, has emerged as a top-performing coin of 2023 after ending 2022 94% lower against the dollar.
However, even with increasing volumes, NFT collectors are still a relatively niche group, with 400,748 NFT buyers making a collective 1.2 million transactions last week.
The NFT market locked in around $24.7 billion in trading volume in 2022, according to data from DappRadar, a decrease from 2023, which saw $25.1 billion in total volume.
