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Moonbirds And Solana NFT Trading Volume Is On A Tear As Sales Rally 45%

NFT trading volume has been on a robust momentum since April and the pace is just right for May with Solana and Moonbirds NFTs such as Okay Bears triggering the increase in NFT sales volume since April.

According to DappRadar, there is a monumental 45% climb in organic trading volume of NFTs in April in comparison to the previous months. Solana NFT trading has skyrocketed in April, as Moonbirds also proved to boost Ethereum trading.

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NFT Trading Volume Climbing

There has been a marked sluggishness in February and March, but NFT trading volumes have bounced back in April with a remarkable increase of 45%.

There has been a halt for six weeks that transpired in mid-February with the NFT market. Thankfully, the trading volume improved in April. The main culprit for the recent increase in NFT trading volume points to Solana-based NFTs and Moonbirds.

The NFT market has recorded an increase in monthly NFT trading volume at $6.3 billion in April. That is a growth spurt or jump of over 23% from March.

Moobirds Now 11th Most-Traded NFT In History

Moonbirds, a private or members-only collection, has generated around $500 million in trades which has helped with the recovery of the NFT market.

To date, Moonbirds is now the 11th most traded NFT collection in history which has surpassed other NFT collections such as Cool Cats, Doodles, and Meebits.

Crypto total market cap at $1.62 trillion on the weekend chart | Source: TradingView.com

Despite the controversies, Moonbirds has remained strong with  the floor price consistently above 28 ETH or approximately $81,944.

Another important factor is the increase in demand for Solana NFTs at 91% every month which has generated over $300 million in total revenue. Solana-based NFTs have also increased in the sale price to $350.

Suggested Readin | NFT Market Records Decreasing Number Of Buyers – Is The NFT Hype Dying?

OpenSea Support On Solana Boosts NFTs

The popularity and massive success of Solana NFTs isn’t a surprise especially because OpenSea has expressed its support for the Solana blockchain. The backing of this major NFT marketplace has done wonders for Solana NFTs as a whole.

Okay Bears and DeGods are popular Solana NFT collections that have generated $23 million and $43 million in trading volume which paved the way for the collections to be included in the top 30 most traded NFT collections last month.

More so, Otherdeeds by Yuga Labs which had their first NFT drops on April 30 also contributed to the boost in NFT trading volumes.

Despite generating over $340 million in APE, Otherdeeds suffered from losses of over 4.5 million due to failed transactions.

Featured image ItsBlockchain, chart from TradingView.com

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Waitlist For Coinbase NFT Marketplace Climbs Above 1.1 Million On Launch Day

Coinbase recently announced the launch of its NFT marketplace, much to the delight of crypto investors. Its aim is to make the minting, selling, buying, and storing of non-fungible tokens easier for investors who want to get into the market. It brings this service to its 68 million-strong user base in its mission to make crypto more accessible to investors.

The NFT marketplace, which is yet to be opened for trading, will provide competition to the leading non-fungible token marketplace OpenSea. With its large user base, Coinbase may be set to be the largest NFT marketplace. Alongside the announcement of the marketplace was a waitlist sign-up for interested parties. On the first day following the launch, Coinbase has already broken the 1 million mark for users who had signed up.

Over 1.1 Million Sign Up For Coinbase Waitlist

The waitlist which is open to everybody has seen a tremendous amount of support. On its first day, Brian Armstrong, Co-Founder and CEO of Coinbase, announced that the waitlist had gotten over 1.1 million sign-ups. Interest in the non-fungible token marketplace has been high and users have poured out support for Coinbase following the announcement.

Over 1M people have signed up for Coinbase NFT since we launched yesterday 🤯https://t.co/pNE3nfFmyW

— Brian Armstrong (@brian_armstrong) October 14, 2021

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Traffic to the waitlist had been so high that it had to be scaled up to accommodate everyone. Coinbase’s Vice President of Product, Sanchan Saxena, gave the update a few hours after the announcement went live and assured users that they could keep signing up for the marketplace.

Thanks for your patience everybody – for the last few hours, we have ramped up and scaled things for you to be able to sign up for the NFT marketplace.

See you there https://t.co/ysu6Eku84b! https://t.co/kOHbZaPr8P

— Sanchan S Saxena (@sanchans) October 13, 2021

Exchanges Taking The Plunge Into NFTs

The success of non-fungible token platforms like OpenSea has driven the need for more NFT platforms in the space. OpenSea currently averages about 260,000 daily users and has seen significant NFT sales on its platform. This has prompted cryptocurrency exchanges to begin offering non-fungible token capabilities on their own platforms.

Binance, the largest crypto exchange in the world, had launched its own NFT marketplace. Its offers users a place to mint, buy and sell non-fungible tokens without having to go through the rigorous process of minting the non-fungible tokens directly on the blockchains.

FTX exchange also recently announced the launch of its very own NFT marketplace. FTX is one of the fastest-growing cryptocurrency exchanges and has recorded a 397% increase since January.

Related Reading | FTX CEO Sam Bankman-Fried Reveals Reason Behind Billions Of Dollars Tether Purchase

As more exchanges launch their own NFT marketplaces, speculations are they will become the go-to platforms for the minting and trading of non-fungible tokens.

Coinbase will launch the marketplace to its U.S. users first and will roll out the feature to its other customers over time. “Just as Coinbase helped millions of people access Bitcoin for the first time in an easy and trusted way – we want to do the same for the NFTs,” the announcement read.

Featured image from Ledger Insights, chart from TradingView.com