In the last couple of months, OpenSea started to cool off from its New Year bull run and many Non-Fungible Tokens (NFT) pundits started speculating about the start of a bear market once sales took a slight downward trend after closing a record $5 billion in total sales volume in January.
However, in the last seven days, the total volume of sales has already surpassed the billion dollar mark and, with only one week left in April, it seems that the NFT markets are waking up to the resurgence of projects. large caliber. The “spring awakening” arrives.
Traders looking for the next Bored Ape Yacht Club (BAYC) project have been patiently waiting for another project with the same strength and brand value to arrive. Some of the best contenders have emerged. Azuki Zen, revealed on January 21, has amassed over $574.6 million in total volume, and RTFKT Studios and Takashi Murakami’s CloneX NFT avatar project has amassed over $546.7 million. In the last seven days alone, CloneX has increased its total sales volume by more than 180%.
Investors in NFTs are understanding the benefit of investing for the long term with teams that have delivered. RTFKT Studios catalyzed the community’s collective search for their NFT MNLTH, released to all CloneX holders and valued at $22,135. In this way, the holders of MNLTH received more than USD 22,000 for the mere fact of being CloneX holders. This illustrates even more for collectors and traders the value of NFTs from the grail.
Now that liquidity is up and circulating, it looks like Q2 is here to break ground and the NFT markets seem to be lit up by more mature NFT communities and investors.
What will cause the next BAYC?
NFT projects are beginning to understand the value of the intersection of culture, community, and commerce through what BAYC has cultivated, and many have explored ways to establish their own.
On a spectrum from the aloof collector to the maxi, NFT projects that have recently launched have paid close attention to not only creating tight-knit communities that hold strong convictions, but ones that can use their platform. to elevate your own personal creative pursuits.
RTFKT Studios has opened up a platform for creators to shine through their Space Pod NFT airdrop, which allows owners to display their NFTs throughout space. Currently valued at $4,920.86 (1.65 Ether), SpacePods are open to customization and this also allows RTFKT to seek out talent from their own community. Creators can also produce and sell their creations to other members of the community for their support and enjoyment.
Currently, the minimum price of a CloneX is a meager 17.5 Ether ($52,237.50). By maintaining an average selling price above 11.5 Ether, NFT collectors and owners are confident that RTFKT Studios will continue to deliver.
Similarly, Yuga Labs announced the creation of its metaverse platform, MetaRPG, which will offer purchasable digital land. Added to this news was that ApeDAO not only airdropped over $1.6 billion worth of ApeCoin to BAYC NFT ecosystem owners and promised that it would become an adopted utility coin in the BAYC and MetaRPG ecosystem.
Since MetaRPG is slated to be an interoperable metaverse, it won’t stop those who aren’t in the BAYC ecosystem from gaining exposure. Those who have been paying attention know that there is enormous value in interoperability for mass adoption and other projects with interoperable metaverses like Arcade Land.
Arcade Land is currently number three for total volume over the last seven days, approaching around $23 million. Its average selling price is up 96%, and while it’s a pre-post-reveal bombshell, it suggests that communities are looking for the most viable interoperable worlds. Arcade Land’s cheapest NFT is selling for just under 1 Ether (3,291.15) and out of 10,000 items, there are over 5,700 unique wallet addresses.
Investors in NFTs are focusing their offerings on utility, interoperability, and an appearance of cultural relevance. Lately, it seems that well-known artists, outside of Web3 and NFT circles, are carving a niche for themselves in the ecosystem and drawing the attention of NFT and art collectors.
There is value in bridging IRL art and digital spaces through NFT collections and experiences
The RTFKT studios are an example of how collaboration with a well-known artist can enhance the inherent value of a digital collection not just through mere association, but through potential mutual benefit. For example, CloneX teamed up with Japanese contemporary artist Takashi Murakami, whose influence has been reflected in the collection in certain CloneX avatars inspired by his previous works.
Takashi Murakami created a permissions list for his Murakami.Flowers NFT collection and gave all Murakami dripped CloneX avatars (approximately 2,500) a spot on the list. On March 30, Murakami Flowers hit the secondary market and its volume skyrocketed, going from an average selling price of 6 Ether ($17,910) to the current 9.2 Ether ($27,462). In less than two weeks, the average sales price has increased more than 61%.
Crypto artist and creator of Cyberbrokers Josie Bellini introduced another level of detailed art that is technically innovative and layered with lore. According to According to NFT portfolio trackers, 50% of CyberBrokers owners have portfolios made up of more blue chips than the average investor.
CyberBrokers average selling price has increased over 274% since its launch. In the long term, digitally translated artworks may have additional value for their historical relevance.
Another NFT collection called “MOAR” by Spanish artist Joan Catallan has risen to the top of the OpenSea total volume charts. It is currently up more than 320% since hitting the secondary market on April 8, and is trading at 1.11 Ether ($3,283.50).
Presented by digital media company FWENCLUB, MOAR is 5,555 souls of creatures that live in a mansion in the metaverse. There are over 3,700 unique wallet addresses that own a MOAR NFT and only time will tell how the community will develop.
NFT Announcements Could Make Q2 Pretty Exciting
The second quarter could have several announcements that increase liquidity. NFT users have come to Twitter to make their guesses, but there are some upcoming projects that could boost overall morale and the amount of liquidity in the market.
CyberBrokers NFT will send all owners a free NFT that could increase in value as the CyberBrokers gaming ecosystem continues to develop.
Similar to how RTFKT Studios kicks off the community quest solving for their MNLTH NFT, CyberBrokers announced on April 12 that all runners will receive a cosmetic item for their NFT. Communities in general are starting to expect their NFTs to unlock features from airdrops.
Azuki’s NFT He delivered two undisclosed red NFTs to each of their owners, sparking controversy on Twitter about what they were and what they were worth. Those who can claim can do so until April 14 and the revelation is scheduled for the following day. The Azuki NFT airdrop BEANZ got the market excited, sending Azuki beyond 25 Ether ($77,879). The mysterious NFT quickly topped 3 Ether ($9,440.10) and BEANZ is currently at 5.45 Ether ($16,268.25) while its average selling price is up more than 44% since hitting the secondary market.
The flourishing of NFTs seems to be on the rise and collectors have fine-tuned their sensibilities and are looking to convert their initial investments into bigger ones through the new mechanism of NFT airdrops.
Outside of token issuance, collectors are now attracted to projects that add value to their communities by giving them free illiquid assets that quickly become liquid. Although some NFT experts claim that airdrops dilute the collection, others are taking advantage of this opportunity to convert their liquidity into long-term investments that often increase the size of their portfolio. The combination of liquidity and collection could be very fruitful for NFTs and the Web3 ecosystem.
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