By James Davis
While crypto prices continue to see an exceptional rally, recent data shows that NFTs are also rebounding. According to Dune, an analytics platform, the Ethereum NFT monthly sales on the most popular marketplace, OpenSea, have increased for three consecutive months for the first time since late 2021.
With a week left to go, the January trading volume has already surpassed December’s tally. OpenSea has processed Ethereum NFT trades worth nearly $325 million compared to December’s and November’s trading volumes of $282.4 million and 252 million, respectively.
The rising ETH price has contributed to this. The second-largest coin by market capitalization is currently trading at $1,621, representing a 34% increase since the start of the year, as per CoinGecko.
Despite the recent upward trend in OpenSea NFT Sales, the current figures indicate how the NFT market has significantly crumbled over the past year. Last January, the leading marketplace recorded its highest monthly sales after processing Ethereum NFT trades worth $4.86 Billion.
Top NFT Collections’ Prices Continue to Surge
The rise in OpenSea sales is not the only sign suggesting that the NFT space could be recovering. Prices for top NFT collections are also going up. For example, each CryptoPunks NFT is currently selling at $108,100 from the $76,400 it traded 30 days ago.
On the other hand, Bored Ape Yacht Club NFT has jumped from $84,600 to about $108,200 over the past month, according to CryptoSlam. Additionally, Bored Ape sales have surged by 44%, while Art Blocks and Azuki NFTs sales are up by 88% and 63%, respectively, since the start of the year.
Sewer Pass Launch Boosts Ethereum NFT Trading Volume
Last week’s Sewer Pass NFT launch, intended for Bored Ape Yacht members, fueled secondary market trading. Sewer Pass has generated $35 million worth of secondary trades so far, with OpenSea processing most of those trades after Yuga Labs opted to block marketplaces that do not impose creator royalties.
A famous Twitter account (Punk9059) that provides NFT statistics tweeted that Bored Ape Yacht Club, alongside other associated collections, have been key drivers of NFT trading volume over the past seven days, accounting for nearly 50% of all Ethereum NFT trades.