OpenSea Monthly Volumes Surpass $5B As NFTs Go Mainstream

OpenSea Monthly Volumes Surpass $5B As NFTs Go Mainstream

Most of the blue-chip NFTs are rallying week after week, closing out a major start to the year. But many now wonder, what is pushing these collections higher?

In the past two weeks, Bored Ape Yacht Club, Azuki, Mutant Ape Yacht Club, and CloneX have recorded considerable gains in floor prices and total sales volume. In the past seven days, all these projects generated around $365.9 million in value, based on data acquired from OpenSea.

While the cryptocurrency market seems to be consistently recovering from its recent bloodbath, the nonfungible token (NFT) marketplaces like OpenSea and LooksRare have generated nearly $100 million in daily total volume.

LooksRare vs. OpenSea daily volume. Source: Dune Analytics
LooksRare vs. OpenSea daily volume. Source: Dune Analytics

It appears like crypto Twitter is now expressing its speculation on the recent market pump to blue-chip momentum. On the other hand, investors are hopeful that their holdings and investments will make their appearance in the forthcoming SuperBowl a huge pumping event for their portfolio.

Some analysts and commentators think that it is a combination of the two. But, NFTs have been gaining ground with recent developments and constant leaks that are pushing up every collection’s daily average price. Market data indicates that the top five collections increased their daily average prices by more than 5%, with Azuki recording a staggering 55% surge within the past seven days.

Azuki 7-day avg. price / volume. Source: OpenSea Azuki
Azuki 7-day avg. price / volume. Source: OpenSea Azuki

Collectors Choose The Red Bean With Azuki NFTs

The Azuki nonfungible tokens collection entered this system alluding to the Matric with its latest version of the red pill, known as the red bean, instead. The red bean reveals itself as an anime-inspired avatar. This avatar grants users access to Azuki’s Garden. Notably, the anime collection appears to be much-anticipated since it continues to capture the collectors with its lore and art.

Azuki’s floor prices surged from 4.29 Ether (ETH) to currently, 11.29 Ether since it was revealed on January 21, making it a 163% gain, according to Dune Analytics.

Azuki OpenSea daily floor volumes and transactions. Source: DuneAnalytics @Cryptano
Azuki OpenSea daily floor volumes and transactions. Source: DuneAnalytics @Cryptano

The total number of unique wallets that own Azuki’s has also experienced a healthy expansion with a considerable driver believed to be its reveal date. Interestingly, Azuki’s top 50 wallet holders show that there are many collectors and the top wallets hold more than 150 of these NFTs.

This project’s ability to capture the collectors’ attention has resulted in lots of success for Azuki’s. Nonetheless, critics appear to offer some form of a reality check by comparing this project to another anime-inspired collection called ON1 Force, whose bubble burst rapidly after it went on a price trajectory that resembles that of Azuki’s.

Community members, maybe biased, disagree, saying that the difference that exists between these two teams is huge. But, time will tell whether Azuki will continue to surge and maintain the top spot on the charts for volume or how to recover from expected correction.

CloneX Targets Top Spot In Total Sales Volume

Created by RTFKT studios, CloneX featuring Takashi Murakumi has recorded a massive 381% surge in the past week. For now, its floor price is at 17 Ether ($47,158) but buyers are still flocking to this collection.

Though RTFKT studios were purchased by NIKE, it has not deterred the team from banding the community together. For instance, this week RTFKT shared news of two NFT airdrops, alluding to “chapter 2 airdrop szn.”

In the wake of these teaser tweets from RTFKT, CloneX holders are now eager to see what will be dropped and preparing themselves for the snapshot over the weekend starting February 3. RTFKT studios is ready to reward holders of either piece of this collection, including CloneX avatars, vials, and the spacepods.

Mutant Ape Yacht Club and Bored Apes NFTs have also gained massively since the start of the year.

Greed is the downfall of the overzealous investor, and a possible outcome might be that most collectors and holders will sit on losses. For now, it is almost impossible to determine what is pushing the NFTs bull market. For that reason, investors are advised to research and ensure that they will not be looking for a chair to take a breather when the music stops.

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