Spring is here and with it came a newfound awakening for nonfungible tokens (NFTs). In the last week of March, total sales volume rallied to $20 billion, but this metric took a dive from mid April to $17.6 billion.
However, on April 16, the newly landed Moonbirds NFT, pumped over $280 million worth of liquidity into the market and this, compounded with rumors of Yuga Labs’ Otherside land drop, sent the total volume sales for NFTs into a steady upward trend.
In the last seven days, the sector’s total market capitalization increased over 3% to approximately $18.6 billion and the total volume is up nearly 37% over $1.65 billion.
While it’s yet to be determined if the “a rising tide lifts all boats” saying will be true for the NFT market, liquidity could be circulating into blue-chip NFTs and soon-to-be released collections.
Blue-chip tier volumes have been muted, but for how long?
Liquidity has already been making its way to the top NFTs in total volume sales with the Mutant Ape Yacht Club (MAYC) seeing a more than 200% increase over the last seven days.
With the number of NFT holders and buyers increasing, projects and investors are looking toward building out ecosystems of mutual value.
RTFKT studios’ CloneX has been emphasizing that the next stage of development will center on ecosystem building. CloneX has been riding a steady wave, hovering at around 18 Ether (ETH) ($53,073). However, the mysterious MNLTH NFT, airdropped to all CloneX holders, has surged in the last seven days to over 11 Ether since it no longer is a mystery box. Its contents revealed Nike’s first-ever NFT CryptoKicks equipped with customizable features, a DNA vial for future forging events and a MNLTH2. For every MNLTH burned, the items acquired are currently worth at least $26,000. A Murakami RTFKT Skin Vial also recently sold for 72 Ether ($212,976)
While some projects are centered around ecosystems, others are focusing 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 flipped blue-chip tier NFTs like Doodles for total volume.
The current floor price of Moonbirds has increased by over 390% since it hit the secondary market and is trading at 33.5 Ether ($96,447.84) at the time of writing.
NFT denizens have been vocal about the legitimacy of its explosive growth, especially after announcing the NFTs that were gifted to notable celebrities like Jimmy Fallon, Steve Aoki, Pussy Riot, the New York gallery and Springberg Gallery, to name a few.
Despite some NFT collectors speculating that Moonbirds would remove liquidity from the market, data shows the opposite to be true. In 24-hours, the total volume of sales on OpenSea increased by nearly three times from $66.7 million on April 15 to over $177.5 million when Moonbirds launched on April 16.
To date, NFT prices continue to see an upward trend and blue-chip tier NFTs have seen a boost in total sales volume across the board. Although there is a divide in sentiment regarding the Moonbirds phenomenon, it could have been the liquidity boost the market needed.
Related: Is the surge in OpenSea volume and blue-chip NFT sales an early sign of an NFT bull market?
NFT projects gearing up for launch
Run-of-the-mill NFTs have grown stagnant and the overall market sentiment has shifted gears from traditional roadmaps and quick-flips to strategically investing in projects and teams who are set to deliver for what investors believe will be years to come. NFT investors are keeping their eyes peeled for projects that can seamlessly intersect culture and community while providing value.
As such, creators and developers are once again steering away from static PFPs and…
Read More: cointelegraph.com