SNEAK PEEK
- NFT collections such as Doodles and Azuki have seen a spike in volume beyond 250% in the past 24 hours.
- Pudgy Penguins have exceeded the floor price of 7 ETH for the first time.
- There’s been a significant strength in NFTs volume on Solana.
The last 24 hours have seen NFT volume going up, thanks to three prominent collections- Pudgy Penguins, Azuki and Doodles. The volume of Azuki was up 252% at the time of writing and the floor price was 16.8 ETH. Doodles enjoyed a jump of 286% in volume with a floor price of 7.50 ETH. Coming to Pudgy Penguins, its floor price crossed 7 ETH for the very first time.
So far there have been 13 NFT sales above 100 ETH in 2023. All have been in 3 collections:
— NFTstatistics.eth (@punk9059) January 4, 2023
Azuki & BAYC tied for the most, then Punks. pic.twitter.com/oQV8ZjTRcv
The biggest sale for Azuki in the last 24 hours was 170 ETH, for Doodles it was 9 ETH and 11.88 ETH for Pudgy Penguins. There has been an upward trend in the volumes of these collections ever since 2023 has begun. Moreover, the market hints at a bullish trend.
Cuteness season.
— NFTstatistics.eth (@punk9059) January 4, 2023
A basket of Pudgy Penguins, Sappy Seals, Kanpai Pandas, Lil Pudgys is up 300% since November 15. pic.twitter.com/ZiS3PtWlmE
The upward trend in terms of volume is prevailing throughout the NFT market and a number of other projects are also looking great. While Bored Apes experienced a 300 ETH sale, CryptoPunks had an 87.9 ETH sale during the past 2 hours in the open market.
DeFi projects such as Bend DAO that are based on NFTs issued 300 new loans against the Bored Ape Yacht Club. Furthermore, NFT-inspired AMMs (automated market makers) such as SudoSwap have seen a spike in volume, as the 7-day volume has exceeded 200,000 on the protocol.
It’s not only the Ethereum Chain where the demand for NFT collection can be seen, as Solana has also shown possibilities of a spike in volume. Y00ts and DeGods cover over 50% of the volume on the Solana NFT ecosystem.
Fair point, DeGods and y00ts account for nearly half of its volume pic.twitter.com/mMMVhGGkBW
— Nansen 🧭 (@nansen_ai) December 30, 2022
Though crypto markets have hinted at signs of strength in 2023, the uptrend in NFT markets’ volume should not be considered to be a change in market conditions. Therefore, NFT collectors need to be very careful while making decisions regarding purchases.
