December breaks 8-month decline in NFT monthly sales with 13% increase
TL;DR NFT trading volume rose 13% in December 2022 after 8 months of decline, driven by tax loss harvesting and interest in blue-chip projects like Yuga Labs. Despite the month-over-month increase, activity is still significantly lower than it was in 2021.
Monthly trading volume of NFTs in December broke an 8-month streak of declines in 2022, rising 13% from November to $549.5 million, according to The Block's data dashboard.
The increase is "most likely a combination of tax loss harvesting and a revitalization of popular narratives around some of the blue-chip PFP projects, most notably Yuga Labs, given their upcoming 'Trial of Jimmy the Monkey’ event," says Thomas Bialek from The Block Research.
Despite the month-over-month increase, trading volumes are still just a fraction of what they were a year ago, with December of 2021 seeing around $2.8 billion of activity.