NFT sales dip around Christmas for the second year in a row
Quick Take
- NFT sales volumes fell in the lead up to Christmas in both 2021 and 2022.
- However, Yuga Labs’s Bored Ape Yacht Club’s floor price increased in the lead up to the holiday.
NFT sales have dipped leading up to Christmas for the second year in a row.
NFT trading volume fell from over $24 million on Dec. 20 to $12.9 million on Dec. 25 of this year — a 46.5% decrease.
In 2021, NFT trading volume decreased from $80.8 million on Dec. 22 to $64.3 million on Dec. 25, according to the NFT data tracker CryptoSlam.
Christmas transaction volume fell 80% in 2022 compared to 2021, due to the depressed crypto market afflicting this year. The downturn affected NFT marketplace transactions considerably, leading to consecutive decreases in transaction volume for the past eight months, with December's data incomplete.
Yuga Labs's NFT project Bored Ape Yacht Club (BAYC) rallied leading up to Christmas for the second year in a row, according to The Block's Dashboard.
In the five days leading up to the holiday, the project's floor price increased by 3.81 ETH in 2021 and 10.28 ETH in 2022. CryptoPunks's floor price decreased in the lead-up to Christmas last year and remained steady around the holiday in 2022, despite comprising five of the 12 most expensive NFT sales this 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.
