In the first week of 2023, NFT sales increased 26%. At least for the NFT market, the post-Christmas blues appear to have dissipated, as sales volume increased by roughly 26% in the first week of 2023 compared to the previous week.
According to market analytics aggregator Cryptoslam, NFT sales volume exceeded $211.4 million in the week ending January 7, with over 400,000 buyers purchasing over 1.2 million NFTs. The number of purchasers jumped by 17% week-over-week, although transactions increased by only 2.5%. The sales of Ethereum-based NFTs on the blockchain increased by roughly 26%.
The top three collections for the week were all Ethereum-native, with Yuga Labs’ Bored Ape Yacht Club coming in first with about $19 million in volume, an increase of roughly 50 percent.
The Mutant Ape Yacht Club collection ranked second with a sales volume of $14 million, an increase of 80 percent. Azuki ranked third, with revenues of $12.7 million, an increase of 132%. Every frame of a feature-length motion picture that is minted as an NFT.
In what has been dubbed the “first ‘every frame minted’ (EFM) film,” the producers of the 2022 thriller The Rideshare Killer have distributed approximately 120,000 distinct NFTs.
The Polygon blockchain issued exactly 119,170 NFTs, each representing one frame of the 83-minute film filmed at 24 frames per second, according to a press release dated January 5.
Tony Greenberg, the film’s producer, believes that NFTs “will change the independent film landscape” since they provide viewers with a “potentially appreciating collectible” and artists with a “sustainable revenue source.”
Ashley Scott Meyers talks about the new film The Rideshare Killer #screenwriting #scriptchat https://t.co/xxPujOoRxJ pic.twitter.com/S6d9io3Sko
— Ashley Meyers (@ashleymeyers) December 29, 2022
If its reviews are any indication, the film could have to rely on NFT sales to break even. It presently holds a 4/10 rating across eight reviews on the internet cinema database and review website IMDb, with one critic stating that the film “should have never been made.”
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