• OpenSea, the largest NFT marketplace, has recorded an increase in Ethereum NFT sales for two consecutive months, for the first time in a year.
• The monthly sales of Ethereum NFTs on OpenSea have surpassed $320 million so far in January and $283.5 million in December.
• The increase in Ethereum NFT sales is attributed to the 33% increase in the price of Ethereum in the last 30 days.
As the cryptocurrency market shows signs of recovery, the Non-Fungible Token (NFT) industry is following suit. OpenSea, the largest marketplace for NFTs, has reported a consecutive increase in Ethereum NFT sales for the first time in a year. According to publicly available blockchain data from Dune, an analytics platform, OpenSea has processed more than $320 million in Ethereum NFT trades so far in January, surpassing the amount of $283.5 million processed in December. This marks an increase from the $253 million in Ethereum NFT trades recorded in November.
The increase in Ethereum NFT sales can be attributed to the rising price of Ethereum. As per CoinGecko, the price of Ethereum has increased by 33% in the last 30 days to $1,620. Even when expressed in Ethereum, OpenSea’s January sales barely surpassed the amount in December, with over 228,000 ETH this month compared to 227,000 ETH in December. Nearly 191,000 ETH worth of Ethereum NFTs were sold by OpenSea in November.
The recent growth in Ethereum NFTs sales is a positive sign for the industry and a sign of hope following months of declining sales. While OpenSea’s sales figures show just how drastically the NFT industry has been hit by the bear market, the market is bouncing back, and NFTs may be returning to their pre-bear market heights.
Investors are now more optimistic about the future of NFTs, with the increasing sales on OpenSea indicating that the market may be recovering. With more players entering the market and large sales taking place, the industry could be on the verge of a new surge. It remains to be seen if the momentum can be sustained, and if OpenSea can continue to record increases in sales.