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If you survived the 2023 NFT bear market, give yourself a pat on the back. Put a little elbow grease
into it too, because you’ve certainly grown thick skin and are battle-hardened after the brutality we faced for most of last year. Most of us hoped it would be the year that NFTs went mainstream, but instead, that dream turned into somewhat of a nightmare. The mainstream did talk about NFTs, and they were
loud. But it wasn’t about the usefulness of the tech, its programmability, the ability to cut out middlemen, unify communities, gate content, and sure, raise funds. It was them mocking the sudden death of NFTs and traders getting wrecked. From Rolling Stone to even The Simpsons, it seemed everyone was ready to pick at the low-hanging fruit that was NFT's incredible fall. There’s just one little problem. NFTs are already back.
While NFT volume fell to a 32-month low in September, and the value of the market at that point
tumbled a dizzying -94.03%, measuring in sales is often deceptive.
Just one month prior, the NFT market saw its third-highest number of NFT transactions ever (at the time), when transactions climbed to 11,541,885 in August. Sure, the number of buyers was only half the amount we saw the last time transactions were as high in early 2022, but again, leaving out color completely changes the picture. It also tells you a lot about what publications like Rolling Stone were rooting for. It wasn’t for the tech to fade away, it was for
traders to get wrecked. Now NFTs are regaining value in a way we’ve never seen before, with the market’s value rising 29.31% since September 2023. In fact, while value still was down last year, 2023 outperformed 2022 by a significant amount.
In 2022, the NFT value fell -87%.
2023 on the other hand saw a decline of just -40.61%.
Are we celebrating losses? No, but with a new asset class that is trying to find its floor, there’s certainly something to be celebrated here. 2023 finished in spectacular form too, with our end-of-year surge culminating in December reaching $1.75b in NFT sales. This was the best month for NFT sales since
May 2022. Transactions also soared to 12,218,857, now our third highest ever in a monthly period. NFT sales, unique sellers, total transactions, average sale price, and trade profits all were down from the previous week, as traders mostly let off the gas during the holidays. Now with a fresh new year ahead of us, the promise of airdrops, rewards, and Bitcoin ETF approval, the runway is looking clear for takeoff. Feeling bullish? Good, so are we. - NodeMonkes on Bitcoin are pushing the Ordinals collection to the #1 spot this week, while BRC20s, and Bitcoin Frogs have Bitcoin holding down 6 of the Top Ten spots. In total, Bitcoin collections in the Top Ten
combined for $56m in sales.
- Froganas have been a roller coaster, selling for over $11.42m last week and seeing their average sale price range fall to $1,104.77 before rebounding to $2,240.66.
- DMarket’s Counterstrike and DOTA2 gaming skins sold for over $4.67m last week, as DMarket continues to thrive in this bull market just as they did in the bear
market.
- Dokyo is leading the pack on Avalanche and gives the upcoming gaming blockchain a presence in the Top Ten with its $4.06m in sales.
- Bitcoin sales fell 24.63% in the past week, but it's $134.04m in sales still beat both Ethereum and Solana
combined. The only question I have is, will Bitcoin hold the top spot in the Blockchain Rankings all year? It’s a real possibility!
- Avalanche was the top-performing blockchain by sales volume, with sales up 66% from last week, and $6.21m in sales.
- Ethereum climbed back to the #2 spot even with declining sales. Ethereum NFTs sold for $69.75m, down just 4.75% from last week compared to Bitcoin and Solana’s huge double-digit drops.
Perhaps the tide is turning back in Ethereum’s favor.
- Solana has separated itself from Polygon, but its $59.29m in weekly sales is roughly 16% less than Ethereum. These two are now fierce competitors.
- Polygon was one of the top-performing blockchains for NFT sales last week, with sales up 63.81% to 12.95m.
- Mickey Mouse has entered the public domain, and now NFT artists and degens are cashing in on the new CC0 IP. A new collection called Steamboat Willie Public Domain
2024 caught fire on January 1, and so far has traded for over $841k on secondary markets.
- Top NFT sales in the past 7d include Autoglyph #113 which sold for 175 ETH ($410,720.97), CryptoPunk #4505 sold for 130 ETH ($304,441.00), BOOGLE #009
sold for 2,500.10 SOL ($274,209.11), and Nodemonke #2769 sold for 3 BTC ($129,209.40)
- NodeMonkes minted for .03 BTC in late December and is quickly becoming one of the top collections on Bitcoin behind 450 BTC in sales volume. Floor prices on secondary markets have
climbed as high as .19 BTC but now have settled around .14.
- The Plague and Rektguy NFT collections are both offering NFT holders shares of their companies. Is this a new meta emerging in NFTs, and are these now securities?
- The 3Landers project has laid off its entire team, shocking their NFT holders and the broader NFT community. The project’s
artist still retains control and is signaling that the project will continue.
The Forkast 500 NFT Index is now down for the third week in a row. Fret not, up only is just a meme, and it was a matter of time until traders started really taking profits. We also have to consider that December is a heavy month for tax-loss harvesting, so sellers frequently sell their pricey NFTs for
pennies. January will be an interesting month for the value of the NFT market. Traders are getting infused with liquidity from airdrops, but whether they’ll spend it on existing “grail” NFT collections, put it into crypto, or focus on new mints is the real question. We’ll be watching closely to find
out. Have a MEGA GM! Roger Dickerman - 24 Hours of Art
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