NFT trading volume has skyrocketed over the past 24 hours as crypto markets plummet along with the low prices of many of the leading NFT collections.
In a long list of top NFT projects such as Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Crypto Punks and Sorare, trading volumes have increased by more than 100% in 24 hours as investors look to catch up. cheaper NFTs as floor prices fall.
According to CryptoSlam data, eight of the top 10 NFT projects in terms of 24 hour sales saw an increase in trading volume of at least 115%, with the only projects falling under this mark being Goblintown with 35.54% and Moonbirds with 64. eleven. %.
Leading the pack is Yuga Labs’ BAYC NFT package, which is up 262.79% in the last 24 hours, accounting for $7.1 million in sales.
Notably, the following three top-rated projects also belong to Yuga Labs: MAYC, Otherdeed, and CryptoPunks show 173.49%, 157.88%, and 122.69% growth in 24-hour trading volume, totaling $3.4M , $2.6 million and $2.5 million. sales value respectively.
DappRadar data also shows that the OpenSea marketplace has been the biggest beneficiary of the increase in trading volume over the past 24 hours, with the platform posting a 173.43% increase in trading volume and total sales of $23.88 million.
However, the number of traders on the platform also decreased by 15.39% to 29,300 over the same time period, suggesting that only a small number of investors with relatively deep pockets are making moves.
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It’s also worth noting that while the lows of projects like BAYC and CryptoPunks have fallen to 82.5 ETH ($96,700) and 47 ETH ($54,800) – compared to their all-time highs of 153.70 ETH and 123 ETH – investors are still buying assets above the floors.
In the last 24 hours, CryptoPunks #8620 and #5690 were sold for 275 ETH ($327,000 at current prices) and BAYC NFT #393 and #3441 were sold for 118 ETH ($140,000) and 105 ETH ( $124,000).
Credit : cointelegraph.com