As the price of cryptocurrencies fell during the past 24 hours, the number of NFT trades surged. Investors have started buying up well-known NFT collections on the cheap since their floor prices have also dropped.
The 24-hour trade volumes for popular NFT projects like Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Crypto Punks, and Sorare have all increased by more than 100%.
In comparison to the prior 24-hour period, the NFT market’s trading volume has increased by 54% in the last 24 hours, according to CryptoSlam.
Still staying strong despite the bear market’s trembling?
Early last month, as cryptocurrency values started to decline, NFT trading volume collapsed, and the NFT market has been in trouble ever since. Although market volatility has led to a number of experimental businesses like Goblintown and ShitBeast, DappRadar recently reported that the NFT market appears to be robust.
The OpenSea marketplace has profited the most from the growth in transaction volume, according to DappRadar statistics. In fact, the trading volume on the platform increased by 173.43 percent, and revenues increased by $23.88 million.
The number of traders using the platform dropped from 29,300 during the same period by 15.39 percent. This suggested that very few people with substantial quantities of money are actively investing.
In terms of 24-hour sales volume, eight of the top ten NFT projects have seen trade volume rise by at least 115 percent. With increases of 262.79 percent over the past day and sales of $7.1 million, BAYC NFTs from Yuga Labs is presently in the lead.
Can NFT beat this year’s rally?
DappRadar figures show that the NFT market’s transaction volume will reach $25 billion in 2021. It said that this year, it will likely surpass that number.
The main exchange, OpenSea, traded $476 million worth of Ethereum NFTs on May 1 in its single greatest day ever. Thus, the query: When will the market again reach new highs?