The Simpsons poked fun at NFTs in their annual halloween special but degens still managed to take advantage of the publicity to hoist an NFT collection to near top of the charts.
Nifty News: Trump NFTs pump after indictment, Q1 trading volume hits $4.7B and more…
The total NFT market trading volume in Q1 hit $4.7 billion, more than doubling the previous quarter, while Square Enix dropped Final Fantasy trading cards that can’t actually be traded, yet.
SVB collapse chilled NFT trading volumes: DappRadar
Only 11,440 NFT traders were active on March 11 which was the lowest figure recorded since November 2021.
NFT Floor Prices Plunging Amid Ongoing Crypto Market Pandemonium
The crypto markets has plunged by 14% over the past 24 hours, including the double whammy of Ethereum’s loss of 18% and Bitcon’s dip by 16% while NFT sales are also suffering from the crypto market crash but primarily because of ETH prices plummeting.
On a lighter note, NFT trading volume has incremented over the 24 hours by 54%, which is an excellent opportunity for collectors to hoard prized NFT collections.
The prices of high-end and popular nonfungible token collections like Bored Ape Yacht Club have also plunged; its lowest NFT floor price dropped by as much as 16%, or $107,000. The Bored Ape floor price plummeted by 11%, or roughly 74.5 ETH.
Nevertheless, the project has depreciated since May. On April 29, you can buy the cheapest Bored Ape NFT at 152 ETH or a whopping $429,000. You’ll see the enormous difference in the numbers.
Crypto Winter: Total Market Cap Drops By $1 Trillion
The total market cap of all cryptocurrencies has dropped to as much as $969 billion on Monday. And NFT collections are following suit.
More popular blue-chip nonfungible token collections are crashing like Doodles dropping by 21% or a current floor price of 8.1 ETH or equivalent to $11,650, Mutant Ape Yacht Club decreased by 22% or 14 ETH which is around $20,100, Meebits that toggled down by 27% or a floor price of 2.8 ETH which is about $4.050, and Moonbirds that spiraled down by 16% which is about 16.2 ETH or $23,250.
BTC total market cap at $429 billion on the daily chart | Source: TradingView.com
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NFT Floor Price Drowns; Trading Volume Escalates
While the NFT floor price is in the hock, trading volume is increasing. Many collectors are taking advantage of falling ETH prices to grab blue-chip NFT collections at lower price tags.
Total nonfungible token sales are now at $39 million, which may seem lower than the sales in early May, but it’s a significant improvement compared to the previous days. NFT market has risen remarkably by 54% in terms of trading volume over the past 24 hours.
Trading volume in 2021 was at $25 billion, making this year’s stats a massive improvement. And the numbers can still increase in the following days. OpenSea NFT sales spiked to as much as $476 million. The nonfungible token market appears to be more robust now than ever despite the crypto struggles and uncertainty.
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Featured image from Blockworks, chart from TradingView.com
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.
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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
