Spring is here and with it came a new awakening for non-fungible tokens (NFTs). In the last week of March, total sales volume rose to $20 billion, but this metric has plummeted since mid-April to $17.6 billion.
However, on April 16, Newly landed Moonbirds NFTs injected over $280 million in liquidity into the market and this, combined with rumors of Yuga Labs Otherside lands crashing, sent the total NFT sales volume on an upward trend. constant.
In the last seven days, the total market capitalization of the sector increased more than 3% to approximately $18.6 billion and the total volume increased almost 37% on $1.65 billion.
While it is yet to be determined if the adage “a rising tide lifts all boats” will hold true for the NFT market, liquidity could be flowing into blue-chip NFTs and soon-to-launch collections. .
Blue-chip level volumes have been muted, but for how long?
Liquidity has already been pouring into the major NFTs in total sales volume with Mutant Ape Yacht Club (MAYC) seeing an increase of over 200% in the last seven days.
With the number of NFT owners and buyers increasing, projects and investors are looking to build ecosystems of mutual value.
CloneX, from RTFKT studios, has emphasized that the next stage of development will focus on building ecosystems. CloneX has been riding a steady wave, hovering around 18 Ether (ETH) ($53,073). However, the mysterious NFT MNLTH, released as an airdrop to all CloneX holders, has risen in the last seven days to more than 11 Ether since it ceased to be a mystery box.. Its contents revealed Nike’s first CryptoKicks NFTs equipped with customizable features, a DNA vial for future forging events, and an MNLTH2. For every MNLTH burned, the items purchased are currently worth at least $26,000. A Murakami RTFKT Skin Vial was also recently sold for 72 ETH ($212,976).
While some projects focus on ecosystems, others focus on shared interests and exclusivity.
PROOF Collective, created by Kevin Rose, is a members-only project that launched Moonbirds NFT and many traders were shocked by the $354 million in volume generated in less than a week. Surprisingly, Moonbirds nearly overtook blue-chip NFTs like Doodles in terms of total volume.
The current price of Moonbirds has increased by more than 390% since it hit the secondary market and is trading at 33.5 Ether ($96,447.84) at press time.
NFT fans have spoken out about the legitimacy of their explosive growth, especially after announce the NFTs that were gifted to notable celebrities such as Jimmy Fallon, Steve Aoki, Pussy Riot, the New York Gallery, and the Springberg Gallery, to name a few.
Despite some NFT collectors speculating that Moonbirds would wipe out liquidity from the market, the data shows otherwise. In 24 hours, the total sales volume on OpenSea nearly tripled from $66.7 million on April 15 to over $177.5 million when Moonbirds launched on April 16.
To date, heNFT prices continue to see an upward trend and top-tier NFTs have seen a boost in total sales volume across the board. Although there is a split in sentiment regarding the Moonbirds phenomenon, it could have been the liquidity boost the market needed.
NFT projects prepare for launch
Run-of-the-mill NFTs have stalled and the general market sentiment has shifted gears from traditional roadmaps and quick deals to strategic investment in projects and teams that are poised to deliver on what investors think they will be. the years to come. Investors in NFTs are on the lookout for projects that can seamlessly blend culture and community while providing value.
Therefore, creators and developers are once again moving away from static PFPs and trying to bring more dynamic features to their respective collectors.
For example, Anata NFT, which was released on April 21 and is a collection of 2,000 avatars created for their owner to embody. Anata NFT uses a webcam to track and mimic facial expressions and other movements, and the anime-inspired NFT is suitable for the Web3 expert who is serious about his anonymity.
If you’re just learning about us now, here’s what you need to get started:
1) Watch the demo of what Anata is: https://t.co/nYgKJxGgO9
2) Read the complete guide: https://t.co/3LMApq0XZ8
3) Mint at https://t.co/t68ZOwMP4e – ending between 9am and noon pst on April 22nd
— Anata NFT (@AnataNFT) April 22, 2022
If you’re just learning about us now, here’s what you need to get started:
1) Watch the demonstration of what Anata is: https://t.co/nYgKJxGgO9
2) Read the full guide: https://t.co/3LMApq0XZ8
3) Coins at https://t.co/t68ZOwMP4e – ends between 9am and noon on April 22
The minting was carried out via a ranked auction starting at 0.25 Ether ($752) and was capped at 3 NFTs per wallet. The auction closed at 5.35 Ether, so 50% of the net proceeds will go to your DAO. The highest bid was 69.42 Ether ($209,306), and the second highest bidder was 10 Ether ($30,150). This incredible albeit anticipated niche NFT is trading below the OpenSea auction closing price of 3.49 Ether ($10,290).
Auctions may be the new standard for NFT acquisitions, as the most recently publicized NFT collection, Akutars, launched its public mintage. In true Dutch auction form, each bidder pays the same price as the lowest (last) bid. Taking this into account, Akutars started its auction at 3.5 Ether ($10,552) and closed at 2.1 Ether ($6,211).
However, a “white hat” revealed that the contract was poorly drafted and susceptible to exploitation, and froze the funds to confront the developers on Aku’s team about his mishap.
As a result, an error in a line of code was enough for the USD 34 million to be blocked indefinitely. Since then, the team has recognized its rulings and has proceeded to distribute the funds to all bidders, including the 0.5 Ether discount granted to all Aku Mint Pass holders who made a bid.
$34 million, or 11,539 eth, is permanently locked into the AkuDreams contract forever. It cannot be retrieved by individual users or by the dev team.
The refund processing, which is complete, sets each bid status to 1. pic.twitter.com/6GnQPnddC6
— foobar (@0xfoobar) April 23, 2022
$34 million, or 11,539 eth, is permanently locked into the AkuDreams contract forever. They cannot be recovered by individual users or the development team.
Refund processing, which is complete, sets the status of each offer to 1.
The Aku Mint Pass NFT grants each owner an Akutar. Its all-time high was above 4 Ether ($12,060), suggesting that the community could put a price on it when PFPs hit the secondary market.
ANDSleeping Giant Ragnarok is what appears to be a collection of PFPs meant to unlock access to his metaverse. The online multiplayer (MMO) will combine elements of lore, Web3, social features, and role-playing games, and is scheduled to launch on April 27.
Dynamic NFTs are anticipated to allow their owners to trade, earn and own digital real estate, and the public sale will be 4,500 Ronin Zeros in a Dutch auction starting at between 0.5 Ether and 0.1 Ether.
With new and old liquidity circulating in the NFT market, and long-awaited projects awaiting launch, it will be interesting to see where collectors make their consolidations and take their convictions.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trade movement involves risk, you must do your own research when making a decision.