Non-Fungible Tokens (NFT) trading volume has spiked in the last 24 hours as crypto markets plungecarrying with it the floor prices of many of the major NFT collections.
A long list of major NFT projectssuch as Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Crypto Punks and Sorare, have seen an increase of more than 100% in 24-hour trading volumes as investors look to snap up cheaper NFTs as price floors drop.
According to CryptoSlam data, eight of the top 10 NFT projects in terms of 24-hour sales volume have posted at least a 115% increase in trading volume, with the only projects falling below that mark being Goblintown at 35.54% and Moonbirds with 64.11%.
Leading the way are Yuga Labs’ BAYC NFTs, up 262.79% in the last 24 hours, accounting for $7.1 million in sales.
Notably, the next three top-ranked projects are also owned by Yuga Labs (MAYC, Otherdeed, and CryptoPunks), posting increases of 173.49%, 157.88%, and 122.69% in 24-hour trading volume.representing USD 3.4 million, USD 2.6 million and USD 2.5 million in sales, respectively.
DappRadar data also shows that the OpenSea market has been the biggest beneficiary of the increase in trading volume in the last 24 hours, as the platform registered an increase of 173.43% in trading volume for a total of USD 23.88 million in sales.
Nevertheless, the number of traders on the platform also fell by 15.39%, to 29,300, in that same time period, suggesting that only a small number of investors with relatively deep pockets are making moves.
It’s also worth noting that even as projects like BAYC and CryptoPunks have seen their price lows drop to 82.5 Ether (ETH), or $96,700, and 47 ETH, or $54,800, at the time of writing—below its all-time highs of 153.70 ETH and 123 ETH-, investors are still snatching assets above the bottoms.
In the last 24 hours, CryptoPunks #8620 and #5690 sold for 275 ETH each, or $327,000 at current prices, while BAYC NFTs #393 and #3441 sold for 118 ETH, or $140,000, and 105 ETH, or $124,000.
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