With the prices of several cryptocurrencies plummeting, many fear that NFTs could be next. And true to those fears, the prices of a handful of top NFT collections are dropping along with Bitcoin and the rest of the crypto market, with the entry price for some collections dropping by more than 17%.
Interestingly, despite the market turmoil, NFT trading volume has risen sharply over the past 24 hours, up by 54%. Popular NFT projects like Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Crypto Punks, and Sorare have all seen over 100% increase in 24-hour trading volumes as investors look to take advantage of the low floor prices.
Eight of the top 10 NFT projects posted at least a 115% increase in trading volume over the past 24 hours, with the only exemptions being Goblintown at 35.54% and Moonbirds at 64.11%, according to CryptoSlam.
Yuga Labs’ BAYC NFTs are standing as the largest gainers, with a 262.79% surge in the past 24 hours, equivalent to $7.1 million worth of sales. Yuga Labs’ MAYC, Otherdeed, and CryptoPunks also posted 173.49%, 157.88%, and 122.69%, respectively, representing $3.4 million, $2.6 million, and $2.5 million worth of sales.
According to data from DappRadar, NFT marketplace OpenSea benefitted the most from the increase in trading volume, with a 173.43% gain in sales volume that amounted to $23.88 million worth of sales.
Surprisingly, the number of traders on the platform has decreased by 15.39% to 29,300 within that same time frame, an indication that only a few buoyant investors have been pulling their weight within the sector.