The volume of NFT transactions has increased in the last 24 hours due to the plunge in the crypto market. The lowest prices of some well-known NFT collections have also fallen, so investors are soaring them to cheaper ones.
Top NFT projects such as Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Crypto Punks and Sorare have all increased their 24-hour trading volume by more than 100%.
According to CryptoSlamIn the NFT market, trading volumes in the last 24 hours have increased by 54% compared to the previous 24 hours window.
The bear market is upset, but is it still strong?
When cryptocurrency prices began to fall early last month, NFT trading volumes plummeted and the NFT market has been struggling ever since. despite this, DappRadar Recently, it has become clear that the NFT market appears to be resilient, but market instability has spawned a number of experimental companies, including: Goblin Town and Sit Beast.
Data from DappRadar also revealed that the OpenSea marketplace has benefited most from the increased trading volume. In fact, the platform saw a 173.43% increase in transaction volume and a $ 23.88 million increase in sales.
Within the same time frame, the number of traders on the platform decreased by 15.39% to 29,300. This meant that only a limited number of investors with relatively large amounts of money were in motion.
Eight of the top 10 NFT projects by 24-hour sales volume have increased trading volume by at least 115%. Yuga Labs’ BAYC NFT is currently number one, with a profit of 262.79% in the last 24 hours and sales of $ 7.1 million.
The volume of transactions is increasing, but is the price decreasing?
According to the NFT minimum rateThe lowest rates for the popular Bored Ape Yacht Club, or the cheapest NFTs on the secondary market, are roughly lower. $ 107,000. This shows a 16% drop in the last 24 hours when measured in US dollars.
The loss is not so serious when measured by ETH. The minimum price for Bored Ape has dropped by about 11% to about 74.5 ETH. Nevertheless, the value of the project has plummeted in the last month and a half. For example, on April 29th, the cheapest boring monkey is 152 ETH – Around $ 429,000 at this point.
Other high-end collections are also sliding today. MAYC decreased by 22% to about $ 20,100 (14 ETH) and Moonbirds decreased by 16% to about $ 23,250 (16.2 ETH). Doodles lost about 21% of the floor value to about $ 11,650 (8.1 ETH) and Meebits fell 27% to $ 4,050. (2.8 ETH).
Can NFTs surpass this year’s rally?
According to DappRadar statistics, the NFT market reached $ 25 billion in trading volume in 2021. This year, we’ve found that we’re on track to exceed that number.
The major market, OpenSea, reached its largest day about a month ago when it sold $ 476 million on Ethereum NFTs on May 1. Ergo, Question-When will the market see highs again?