2021, axie infinity had the highest trading volume of all non-fungible tokens (nfts) but saw a dramatic decline in 2022. sorare, doodles, rtfkt, moonbirds, the proof collective, azuki, the bored ape yacht club, mutant apes, and apecoin were all involved in the nft trading market this year. a single cryptopunk was sold for a record-breaking $23.7 million, and the rtfkt collaboration with takashi murakami generated over $600 million worth of trading volume.
Nft trading market began in late 2021, and by 2022, it had gained tremendous momentum. the bored ape yacht club’s metaverse play generated around $561 million worth of sales within 24 hours, and moonbirds generated $280 million within two days and eventually surpassed $613 million. azuki had an impressive $850 million worth of trading volume since its january launch in 2022, and the mutant apes topped $1.1 billion worth of sales.
Success of the nft trading market was largely driven by hype and the additional benefits of owning the bored ape collection. celebrities also snagged bored apes in 2022, and the launches of apecoin and otherside helped to propel trades and rising prices for the bored apes. azuki’s unique hook of pairing physical products with nfts will likely help the project continue to be successful in the future.