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The NFT market is expected to grow in 2023 as sales and trading activity have increased in January.
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The two biggest NFT sales in the last 30 days were CryptoPunks and Bored Ape Yacht Club projects, selling for more than $1 million each in ETH.
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Kevin Rose, a well-known NFT collector, sold CryptoPunk #5066 for $1.4 million in ETH.
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Jimmy “j1mmy” McNelis sold Bored Ape Yacht Club #7090 for $1.3 million to an unidentified buyer.
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NFTs are blockchain-based tokens used for ownership documentation of digital goods such as artwork, collectibles, and video game items.
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The NFT market generated over $25 billion in organic trading volume in 2021 and 2022.
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The NFT market had a significant uptick in activity since late 2022 and is expected to continue gaining ground.
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In January, sales volume increased by 38% to close to $947 million and the number of NFTs sold increased by 42% to close to 9.5 million.
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The growth of the Bored Ape Yacht Club and related collections was contributed by the release of the Dookey Dash web game and Sewer Pass NFTs by Yuga Labs.
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Over the past week, NFT sales on Ethereum have exceeded $209 million in ETH, an increase of about 15% from the week before.