On OpenSea, NFT trading volume has increased rapidly over the past 30 days. The market seems to be picking up again! Is that reason enough to talk about a new NFT boom?
According to DappRadar – per 06.12. – 30-day trading volume on OpenSea increased by about 785 percent to about USD 240 million. The number of traders increased in the same period to around 308,000 and thus by around 390 per cent.
In the short term, OpenSea even achieved an astonishing 5,837 percent increase in 7-day trading volume – see screenshot! Such numbers bring back memories of the last bull run. So is the NFT market slowly returning to exciting territory or is there a general trend reversal?
OpenSea, BAYC and CryptoPunks: the biggest fish in the pond in NFT collections
With few exceptions, the well-known NFT collections Bored Ape Yacht Club (BAYC) and CryptoPunks still dominate the top sales. So everything is the same here. OpenSea also leaves all its competitors far behind.
In the 30-day chart by trading volume, the second-ranked NFT marketplace Magic Eden with around USD 85 million can only achieve around 35 percent of the volume of OpenSea with USD 240 million. According to Dappradar, X2Y2 follows in third place with around USD 42 million or 17.5 percent of OpenSea’s trading volume.
CryptoPunks, the fourth-ranked marketplace in 30-day trading volume, only manages about 8 percent compared to OpenSea. The fifth and sixth places, Immutable X Marketplace and LooksRare, also generate about 8 percent of OpenSea’s trading volume.
A look into the engine room also reveals little that is new: the Ethereum blockchain is still the main driver of the NFT market, as well as, to a lesser extent, Solana and Polygon. Newcomers like Arbitrum or Optimism, or the previously little-known WAX Chain also offer NFT ecosystems, but have not yet been able to break away from Ethereum & Co.
What course are the well-known NFT collections on?
The market value and floor or average prices of the well-known large NFT collections offer little that is new or exciting. On the contrary, these have hardly changed or rather changed for the worse.
According to DappRadar, BAYC lost about 22 percent in value to about US$872 million.
The situation is the same with CryptoPunks. This NFT collection is also down about 23 percent on a 30-day average with a market cap of about USD 811 million and thus has lost momentum.
The same goes for the third-largest NFT collection by market capitalization, Mutant Ape Yacht Club, with a 30-day average of around $348 million. According to DappRadar, it has also lost about 11 percent in value and thus momentum.
Wash trade on OpenSea or uptrend in NFT collections?
As shown, current developments reveal a contradictory overall picture: trading volume and number of traders on OpenSea, which remains by far the most important marketplace in the NFT game, has increased, in some cases significantly, in the last 30 days. However, a look at the large, well-known NFT collections such as B. BAYC and CryptoPunks shows a small positive development in terms of market value.
According to DappRadar, the following competitors also had some interesting developments, e.g. B. at X2Y2, the average price of traded NFTs increased by about 160 percent in the last 30 days. However, this is offset by a drop of around 35 percent in total revenue. Overall, OpenSea’s competitors also show a rather heterogeneous market situation without a clear general upward trend in terms of market capitalization.
Ultimately, however, what remains is the significantly increased trading volume and the large increase in NFT traders on the main NFT marketplace OpenSea. The large increase in the number of traders makes exclusive laundry trading quite unlikely.
After all – together with current developments in the NFT market, such as the increasing adoption of well-known brands (Link) such as BMW, Reebok and Rolex, this gives hope for a breath of fresh air in the NFT market.
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