As the floor prices of several prominent NFT collections fall, eight of the top ten NFT projects have seen at least a 115% rise in 24-hour trading volume.
NFT trading volume has increased over the last 24 hours as crypto markets have crashed, bringing the floor prices of several popular NFT collections with them.
Lots of new major NFT projects, including Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Crypto Punks, and Sorare, have seen more than 100% jumps in 24-hour trading volumes as investors seek cheaper NFTs as floor prices fall.
According to CryptoSlam data, eight of the top ten NFT projects in terms of 24-hour sales volume have seen at least a 115% rise in trading volume, with Goblintown at 35.54% and Moonbirds at 64.11% falling short.
Yuga Labs’ BAYC NFTs are leading the pack, with a 262.79% increase in the last 24 hours accounting for $7.1 million in sales.
Notably, Yuga Labs also owns the three highest-ranked projects, with MAYC, Otherdeed, and CryptoPunks reporting 173.49%, 157.88%, and 122.69% increases in 24-hour trade volume, representing $3.4 million, $2.6 million, and $2.5 million in sales, respectively.
DappRadar data also shows that the OpenSea marketplace has benefited the most from the increased trading activity in the last 24 hours, with the platform registering a 173.43% rise in trading volume for a total of $23.88 million in sales.
However, the number of traders on the platform declined by 15.39% during the same time period, to 29,300, indicating that just a limited number of investors with quite substantial resources are making moves.
It is also worth noting that, despite the fact that floor prices for projects like the BAYC and CryptoPunks have dropped to 82.5 ETH ($96,700) and 47 ETH ($54,800), respectively, from all-time highs of 153.70 ETH and 123 ETH, investors are still buying up assets above the floors.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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