Are NFTs Back? OpenSea Sales Rise in Consecutive Months for First Time in a Year
Is the crypto bear market coming to an end? Cryptocurrency prices are on the rise lately, and there are now growing signs that the NFT space is rebounding as well. The latest: OpenSea, the leading marketplace, has notched back-to-back Ethereum NFT monthly sales increases for the first time in a year, with January sales volume already topping December’s tally with a week left to go. According to public blockchain data available on analytics platform Dune, OpenSea has processed over $320 million worth of Ethereum NFT trades so far in January, already beating December’s tally of about $283.5 million. And December was the first time since April 2022 that OpenSea had posted any kind of sales increase, climbing from $253 million worth in November. The rising value of Ethereum has something to do with it. Ethereum is up 33% over the past 30 days to a current price of $1,620, per data from CoinGecko. But even when measured in ETH, OpenSea’s January sales just inched past the December tally with over 228,000 ETH this month compared to 227,000 ETH the previous period. In November, OpenSea had almost 191,000 ETH worth of Ethereum NFT sales.