- Eight of the top 10 NFT projects have posted at least a 115% increase in 24-hour trading.
- NFT trading volume has increased sharply in the past 24 hours, suggesting that collectors may be taking advantage of lower prices.
- NFT trading volume fell early last month when crypto prices started to suffer.
During the past 24 hours, NFT trading volume has increased as the crypto market tanks taking the floor prices of several top NFT collections along with it.
In the 24-hour, top NFT projects like BAYC, MAYC, Sorare, and CryptoPunks have witnessed more than a 100% increase in trading volume as investors look to snap up. Floor prices have dropped in the form of cheap NFTs.
Data from CryptoSlam states that eight among the top 10 NFT projects in terms of 24-hour sales volume have posted at least a 115% increase in trading volume. The only projects falling under that mark are Goblintown at 35.54% and Moonbirds at 64.11%.
Yuga Lab’s BAYC NFTs is leading with a 262.79% growth over the past 24 hours, with sales of $7.1 million.
The three highest-ranked projects are MAYC, Otherdeed, and CryptoPunks, with 173.49%, 157.88%, and 122.69% surges in 24-hour trade volume, representing $3.4 million, $2.6 million, and $2.5 million worth of sales respectively.
DappRadar’s data has shown OpenSea as the biggest beneficiary of the increased trading volume in the past 24 hours. The platform posted a 173.43% gain in trading volume for a total of $23.88 million worth of sales.
It is worth noticing that the number of traders on the platform decreased by 15.39% to 29,300 in the same period, thus, indicating that only a small number of investors with comparatively deep pockets are making moves.
Projects like BAYC and CryptoPunks have seen their floor prices drop to 82.5 ETH ($96,700) and 47 ETH ($54,800), down from their all-time highs of 153.70 ETH and 123 ETH; however, investors are still snapping up assets above the floors.
During the past 24 hours, CryptoPunks #8620 and #5690 went for 275 ETH apiece ($327,000 at current prices) while BAYC NFTs #393 and #3441 sold for 118 ETH ($140,000) and 105 ETH ($124,000).