Non-fungible token (NFT) trading volume has soared over the past 24 hours as cryptocurrencies plunge to their lowest levels in years. The minimum price of several popular NFT collections is also falling sharply.
Trading volume in popular NFTs soared
Dates of CryptoSlam shows that the trading volume of eight of the top ten NFT projects has increased by at least 115% in the last 24 hours. The only two projects that have increased in volume less are Goblintown and Moonbirds. The volume increased ‘only’ by 35.5% and 64.11% respectively.
#1 is Yuga Labs’ Bored Ape Yacht Club NFTs. They saw volume rise about 260% in the past 24 hours, which accounted for $7.1 million in sales.
Although the volume has risen sharply, we do see the minimum price of NFTs falling. For example, collections like BAYC and CryptoPunks had a minimum price of 153.70 Ethereum (ETH) and 123 ETH respectively. The minimum price for these collections is now 82.5 ETH, or $96,700 and 47 ETH, or $54,800. So a big drop.
In the past 24 hours, CryptoPunks #8620 and #5690 sold for 275 ETH each, or $327,000, and BAYC NFTs #393 and #3441 sold for 118 ETH, or $140,000 and 105 ETH, or $124,000.
It is clear that investors are taking their chance to stock up on NFTs after the crypto crash we are seeing at the moment.
NFT marketplaces and wealthy investor benefit
The NFT marketplace that benefited the most from this was OpenSea. They saw their own trading volume increase by 173% and had total revenue of $23.88 million on their platform.
Another interesting fact is that the volume has risen sharply, but the number of unique traders actually decreased by about 15% to 29,300 traders. This means that a smaller number of investors bought more and thus ensured a higher volume.
