NFT sales rise 13% in December, breaking 8-month streak of declines
Quick Take
- After eight months of consecutive decreases, sales of NFTs rose 13% in December.
Monthly trading volume of NFTs in December broke an 8-month streak of declines in 2022, rising 13% from November to $549.5 million, according to The Block's data dashboard.
The increase is "most likely a combination of tax loss harvesting and a revitalization of popular narratives around some of the blue-chip PFP projects, most notably Yuga Labs, given their upcoming 'Trial of Jimmy the Monkey’ event," says Thomas Bialek from The Block Research.
Despite the month-over-month increase, trading volumes are still just a fraction of what they were a year ago, with December of 2021 seeing around $2.8 billion of activity.
NFTs did see some hopeful moments in 2022, even with the downturn. An NFT benefitting WikiLeaks founder Julian Assange sold for $52.7 million in February, while NFTs from Yuga Labs also topped the most expensive NFT sales last year.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.