In December 2022, non-fungible tokens (NFTs) experienced a significant surge in sales volume, with Ethereum leading the top digital collectible blockchains. According to NFT data tracker CryptoSlam, digital collectibles recorded more than $187 million in weekly sales volume during the first week of December.
A Turning Point for NFT Sales Volume
NFT volumes had decreased since March before reaching their lowest point in September 2022, when NFTs recorded their worst monthly sales volumes since 2021. However, the asset class recovered in October and continued to grow throughout November. The opening week of December outpaced the strongest week in November, which saw $181 million in NFT sales.
Ethereum Dominates Top NFT Blockchains
Ethereum recorded $92 million in NFT sales last week, a 44.69% increase from the prior week. This surge was driven by popular NFT collections like Pudgy Penguins and CryptoPunks, which posted strong performances.
Top NFT Collections by Seven-Day Sales Volumes
| Rank | Collection | Weekly Sales Volume |
| — | — | — |
| 1 | Ethereum (Pudgy Penguins) | $25 million |
| 2 | CryptoPunks | $16.5 million |
| 3 | Bitcoin-based NFTs | $43.8 million |
Rise of Pudgy Penguins
According to CryptoSlam, Pudgy Penguins recorded $25 million in sales, marking a 346% increase from the previous week. Data from DefiLlama shows the collection’s floor price climbed from 13 Ether (ETH) on November 30 to 20.9 ETH, valued at approximately $83,000 as of December 8.
CryptoPunks: A Resilient Collection
CryptoPunks ranked second among NFT collections, recording $16.5 million in weekly sales. The collection’s floor price briefly rose to 44 ETH on December 4 before settling at 40 ETH, worth about $160,000 on December 8.
Other Notable Blockchains
Meanwhile, Bitcoin-based NFTs followed Ethereum in the second spot, recording $43.8 million in sales. Other notable blockchains, including Solana, Immutable, Mythos Chain, Polygon, Cardano, and Flow, had a combined weekly sales volume of $47 million.
Correlation Between ETH Price and NFT Sales
Ethereum’s NFT surge coincided with a price breakout for ETH. On December 6, Ethereum surged above $4,000, reaching a high of $4,067 on the same day. One analyst suggested that ETH could be on the verge of a paradigm shift, predicting a potential rally similar to its explosive growth between 2016 and 2017.
Predictions for ETH Price
The analyst forecasted that ETH could reach as high as $15,000. While this prediction is speculative, it highlights the potential for significant price movements in the Ethereum market.
Conclusion
The resurgence of NFT sales volume in December 2022 marks a turning point for the asset class. With Ethereum leading the top digital collectible blockchains, investors and collectors are taking notice of the growing demand for NFTs. As the market continues to evolve, it will be interesting to see how prices move and which collections dominate the scene.
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