Q4 2023 NFT Trading Volume Shows Growth

The week of Dec.11-17, 2023, marked the most profitable period not only for Q4 2023 but for the entire year, with NFT sales surging by $576.58 million.

According to CryptoSlam data, the global sales volume of the non-fungible token (NFT) segment increased during Q4. On Nov. 6, 2023, sales totaled $215.20 million, with 196,754 unique buyers and 165,172 sellers.

Those figures experienced a further increase on Dec. 25. Sales surged to $322.15 million, and the number of buyers and sellers rose to 372,735 and 254,609, respectively.

NFT global sales volume change. Source: CryptoSlam

During that same week, overall NFT sales soared to $576.56 million, with an average sell price of $207.37.

NFT market data by week. Source: CryptoSlam

Will the NFT market resume growth in Q1 2024?

Gas Hero’s Pets collection, developed as a project for web3 games, is demonstrating notable growth in early 2024. Over the last 24 hours, sales have surged by 262%, reaching $140,872, and the number of buyers has increased to 433, marking a significant rise of 179%. It’s worth noting that this collection was only launched in January.

Gas Hero Pets collection. Source: Mooar

Mochimons is another recently introduced collection comprising 3,333 NFT cats. According to OpenSea, average price sales were at 0.3595 Ethereum (ETH) on Jan. 23 when the collection was initially launched. The subsequent day saw a notable increase, with the figure rising to 0.7573 ETH.

Mochimons sales history, Source: OpenSea

The growing interest in brand-new NFT collections suggests a renewed enthusiasm within the market.

According to analysts at Coin99, in the fourth quarter, the Bitcoin blockchain secured the top position in NFT sales volume, reaching $1.27 billion. The success of Ordinals seemingly continues despite growing developer criticism. Ethereum followed closely in second place with $881 million, while Solana claimed the third spot with $477 million.

https://twitter.com/Coin98Analytics/status/1745788568713535999?ref_src=twsrc%5Etfw” target=”_blank” rel=”noopener

Based on data provided by CoinGecko, the trading volume of NFTs in 2023 has declined, amounting to $11.8 billion. This figure is nearly half of the NFT trading volume recorded in the previous year, totaling $26.3 billion in 2022. Establishing a market recovery throughout 2024 will be challenging, but it’s not impossible.