# Cryptoverse: Punk apes and a resurrection of NFTs
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2023-02-14
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: NFT Market Revival: Sales Surge as Ethereum Leads the Way
Meta Description: Despite recent setbacks, NFT sales on the ethereum blockchain surged in January, indicating a potential rebound with new marketplace players entering the game.
URL: https://financedigest.com/cryptoverse-punk-apes-and-a-resurrection-of-nftshtml

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By Medha Singh

(Reuters) – It’s alive! The NFT market is twitching out of its torpor, defying reports of its demise.

Total NFT [sales on the ethereum blockchain – which hosts most trading – jumped](https://www.financedigest.com/indias-tata-motors-jumps-to-a-7-month-high-on-strong-q4-jlr-sales.html "India’s Tata Motors jumps to a 7-month high on strong Q4 JLR sales") to $780.2 million in January from $546.9 million the month before, according to market tracker CryptoSlam.

Digital [art collectibles](https://www.financedigest.com/ngunu-tiny-on-how-industrialist-henry-clay-frick-left-one-of-the-finest-art-collections-in-the-world.html "N’Gunu Tiny on How industrialist Henry Clay Frick left one of the finest art collections in the world") were among the big hits. “Bored Ape Yacht Club #5840” – a cartoon monkey shooting green lasers from its eyes – went for $822,730, for example, while “CryptoPunks #7674” – a pixelated character smoking a pipe – fetched $433,555.

The average [NFT sale](https://www.financedigest.com/hermes-asks-court-to-block-metabirkin-nft-sales-after-jury-win.html "Hermes asks court to block ‘MetaBirkin’ NFT sales after jury win") price was a more modest $372.38, according to CryptoSlam.

The $780 million of [sales seen last month is a fraction of the roughly $5 billion](https://www.financedigest.com/allianz-puts-n26-stake-up-for-sale-at-3-billion-valuation-ft.html "Allianz puts N26 stake up for sale at billion valuation – FT") seen last January and $2.7 billion in May, before the market took a non-fungible nosedive along with much of the crypto world.

Nonetheless the market’s been inching back since November after hitting a low of $324 million the month before, according to CryptoSlam data, with some traders betting on a future for [NFTs in gaming](https://www.financedigest.com/what-is-nft-gaming.html "What is NFT gaming") and branding.

We will [see another 2021-style run when we are able to really bring on board the next](https://www.financedigest.com/britains-next-sees-lower-profit-in-2023-as-consumer-outlook-darkens.html "Britain’s Next sees lower profit in 2023 as consumer outlook darkens") big wave of participants into the space,” said Teng Yan, lead researcher at Delphi Digital, estimating that there are between 30,000 to 50,000 people who are actively trading NFTs right now.

MYSTERY AND AIRDROPS

Despite the nascent bounce, the [future of non-fungible tokens remains](https://www.financedigest.com/fingerprint-scanners-to-remain-top-selling-accounting-for-over-one-third-of-access-control-demand-in-2021-future-market-insights.html "Fingerprint Scanners to Remain Top-selling, Accounting for Over One-third of Access Control Demand in 2021: Future Market Insights") shrouded in mystery. Few crypto experts [expect a repeat of the 2021 boom anytime soon](https://www.financedigest.com/portugal-expects-deal-to-disconnect-power-prices-from-gas-prices-very-soon.html "Portugal expects deal to disconnect power prices from gas prices ‘very soon’"). Some doubt the long-term appeal of [paying to be recorded on blockchain as the owner of a digital file that anyone can see](https://www.financedigest.com/uk-employers-see-slight-fall-in-pay-awards-over-2023-xperthr.html "UK employers see slight fall in pay awards over 2023 – XpertHR") online for free.

Saro McKenna, [CEO of an NFT metaverse and blockchain game firm](https://www.financedigest.com/exclusive-crypto-giant-binance-moved-400-million-from-u-s-partner-to-firm-managed-by-ceo-zhao.html "Exclusive-Crypto giant Binance moved 0 million from U.S. partner to firm managed by CEO Zhao") Alien Worlds, said NFTs had the potential to help companies and celebrities engage with customers and fans.

The most promising aspect of this [technology will be when more and more of the Disneys and Dua Lipas of the world](https://www.financedigest.com/is-wearable-technology-ushering-in-a-brave-new-healthy-world.html "Is wearable technology ushering in a brave new healthy world?") increasingly turn to NFTs,” McKenna added.

Some market players said the [January rise](https://www.financedigest.com/euro-zone-economic-sentiment-rises-in-january-to-seven-month-high.html "Euro zone economic sentiment rises in January to seven-month high") in NFT sales volumes was also fueled by the entrance of a new online marketplace, Blur, which has drawn investor interest since it launched late last year and announced a series of free coin “airdrops” and other rewards.

[NFT trading volumes on Blur’s platform](https://www.financedigest.com/meta-to-wind-down-nfts-on-platforms-amid-crypto-bust.html "Meta to wind down NFTs on platforms amid crypto bust") has totaled 101.2 million over the last seven days, slightly ahead of the $100.4 million seen on dominant marketplace OpenSea, according to data from DappRadar.

Over the past 30 days, though, OpenSea [remains top](https://www.financedigest.com/flooded-battery-to-remain-top-choice-across-industries-accounting-for-49-0-of-lead-acid-battery-sales-in-2021-future-market-insights.html "Flooded Battery to Remain Top Choice across Industries, Accounting for 49.0% of Lead Acid Battery Sales in 2021: Future Market Insights") with volumes of $443.98 million, versus $366 million for Blur.

BITCOIN JOINS NFT PARTY

In another non-fungible development, the novel use of the [bitcoin blockchain for minting an NFT collection has caused a stir among crypto](https://www.financedigest.com/low-carbon-bitcoin-crypto-miners-green-power-talk-angers-texas-locals.html "Low-carbon bitcoin? Crypto miners’ green power talk angers Texas locals") enthusiasts.

Bitcoin Punks is a series of monkey-themed NFTs and a derivative of the wildly popular CryptoPunks collection. Some [media reports](https://www.financedigest.com/credit-agricole-is-weighing-foray-into-german-car-sharing-media-report.html "Credit Agricole is weighing foray into German car-sharing: media report") have indicated Bitcoin Punk NFT being sold for as much as 9.5 bitcoin, worth in the region of $205,000.

We are going through a little bit of a hype phase for this because it’s just new, it’s novel, and [people are rushing to try and be the first few people to mint NFTs on bitcoin,” said Teng Yan at Delphi Digital](https://www.financedigest.com/people-need-people-humanising-the-digital-banking-experience.html "People need People – Humanising the digital banking experience"), noting there was no marketplace for bitcoin NFTs, with all transactions done over the counter.

The hype will die down over the [next couple of weeks.”](https://www.financedigest.com/hungary-cenbank-seen-hiking-100-bps-to-11-75-next-week-as-inflation-surges.html "Hungary cenbank seen hiking 100 bps to 11.75% next week as inflation surges")

(Reporting by Medha Singh in Bengaluru; Editing by Pravin Char)


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