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.
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