OpenSea monthly volume reaches $5 billion as NFT continues to boom

Over the past two weeks, the NFT Azuki, Bored Ape Yacht Club, CloneX, and Mutant Ape Yacht Club markets have seen significant increases in reserve prices and total sales volume. According to OpenSea, all four projects have generated an estimated value of $365.9 million in the past seven days alone.

As the crypto market slowly recovers from a prolonged slump, NFT markets like LooksRare and OpenSea have consistently generated around $100 million in total daily trading volume.

LooksRare Daily Trading Volume vs. OpenSea | Source: Dune Analytics

The crypto community on Twitter is speculating on the recent exchange-related pump, while others hope their coins will appear in the SuperBowl, the top portfolio pump event.

NFT projects are also gaining traction with recent developments and leaks increasing the average daily price of each collection. The data shows that the top 5 collections saw an average daily price increase of at least 5%, with Azuki seeing a staggering 55% increase over the past seven days.

Azuki Average price/volume for 7 days | Source: OpenSea

Collectors choose Azuki

The Azuki NFT collection entered the ecosystem by alluding to the film The Matrix with its red pill version, users refer to it as a red bean instead. The Red Bean is an anime-inspired avatar that grants the user access to Azuki’s garden. The anime collection seems to continue to attract collectors with its artwork and mysticism.

Azuki’s reserve price has increased by 163% from 4.29 ether to 11.29 ether since its announcement on Jan. 21.

Azuki’s daily volume and number of transactions on OpenSea | Source: DuneAnalytics

Azuki’s number of unique wallets has also grown well with considerable momentum. Azuki’s top 50 wallet holders revealed that there is a significant number of top collectors and wallets holding more than 150 NFTs.

The ability to attract the attention of collectors has made Azuki successful. However, the critics to compare Project with another anime-inspired collection, 0N1 Force, which quickly burst its bubble after following the same price history as Azuki.

Community members disagreed with this comparison, saying Azuki has many differences from other projects. Time will tell if Azuki continues to grow and stay at the top of the volume charts or how quickly it can recover from the correction.

CloneX is aiming for the top spot in terms of total sales

CloneX featuring Takashi Murakumi, created by Studio RTFKT, has seen a 381% surge in the past week. The reserve price is 17 ethers ($47,158), but buyers are still flocking to the collection.

Although the RTFKT studio was acquired by NIKE, that didn’t stop the development team from bringing the community together. For example, RTFKT has this week divide News of two NFT airdrops, a nod to the “szn chapter 2 airdrop”.

With tweets from RTFKT, CloneX holders are eagerly awaiting the airdrop and preparing to snap on Thursday February 3rd, 2022. Studio RTFKT will reward holders with one of two pieces from the collection.

Ape’s minimum price exceeds 100 ETH

3LAU is a well-known producer across the NFT ecosystem that made waves in the market with its recent purchase of Bored Ape before the project reached a floor price of 100 Ether.

Then singer Justin Bieber purchase a BAYC for 500 ethers, leaving some holders panicked, frustrated and confused.

Whether or not Bieber’s move is a marketing stunt, BAYC has seen an overall increase in trading volume of 113.16% over the past seven days. However, it lost the top spot in terms of total sales, lagging behind Azuki and CloneX.

OpenSea’s competitor LooksRare still paints a different picture for the collections as it continues to fall down the rankings due to constant wash trading with other collections.

The BAYC collection on LooksRare has accumulated a total volume of over $42.1 million, while OpenSea has more than doubled in volume to $87.7 million in just seven days.

7-day average price/volume by BAYC | Source: OpenSea Bored Ape Yacht Club

According to DappRadar, that price hasn’t deterred buyers. In the last seven days, the number of merchants on BAYC has increased by almost 74%.

Monkeys seem to be finding celebrity appeal, so this might not be the first time we’ve seen big whales enter the market.

Mutant Apes explodes after the new year

Mutant Ape Yacht Club (MAYC) is off to a strong start to the new year, with average daily prices up 40% over the past month. Currently, the MAYC reserve price is 22.7 Ether, while the collection at LooksRare is slightly cheaper at 22.6 Ether.

30-day MAYC Average Price/Volume | Source: OpenSea Mutant Ape Yacht Club

MAYC used to be a ticket to the exclusive market at a much cheaper price than BAYC. However, after the Mega Mutant Serum sold for $3.6 million, the collection’s reserve price increased by approximately 500%.

As of this writing, the collection’s minimum price has increased by nearly 40% over the past 30 days, topping out at 26.4 ether over the past seven days.

Mutant Ape Yacht Club minimum price for 30 days | Source: NFT price floor MAYC

According to the data, only 11.4% of the listed collection (2,074 MAYC) shows that users still have NFT in their pockets as an asset class. With nearly 12,000 unique holders, holders seem to be patiently waiting for their value to rise as much as BAYC.

Greed has always been the source of losses, causing many owners and collectors to lose their money. Currently, it is almost impossible to determine what is driving the NFT bull market, so all investors should do their research and make sure they don’t lose their capital if the market loses momentum.

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