OpenSea Monthly Volumes Surpass $5 Billion as NFTs Continue to Go Mainstream

Over the past two weeks, Azuki, Bored Ape Yacht Club, CloneX, and Mutant Ape Yacht Club have seen significant increases in floor prices a...

Over the past two weeks, Azuki, Bored Ape Yacht Club, CloneX, and Mutant Ape Yacht Club have seen significant increases in floor prices and total sales volume. In the past seven days alone, the four projects generated an estimated value of $365.9 million, according to data from OpenSea.

As the crypto market steadily recovers from its long bloodbath, non-fungible token (NFT) marketplaces like LooksRare and OpenSea have consistently generated around $100 million in total daily volume.

Daily Volume LooksRare vs. OpenSea. Source: Dune analysis

It seems that crypto Twitter is Express their speculation on the market’s recent pump to prime momentum while others are hoping their holdings will make an appearance in the upcoming SuperBowl, a bag-pumping event for their wallets.

While it could be a combination of the two, NFT projects have also gained momentum with recent developments and constant leaks are driving up the daily average price of each collection. Data shows that the top five collections have increased their average daily price by at least 5%, with Azuki seeing a startling 55% increase over the past seven days.

Azuki Avg. over 7 days price/volume. Source: OpenSea Azuki

Collectors choose to take the red bean with Azuki

The Azuki NFT Collection entered the ecosystem alluding to the Matrix with its version of the Red Pill, dubbing it the Red Bean instead. The Kidney Bean is ultimately revealed to be an anime-inspired avatar that grants users access to Azuki’s Garden. The anime collection seems to be long overdue as it continues to enthrall collectors with its art and lore.

Azuki’s price floors have risen from a substantial 4.29 Ether (ETH) to currently 11.29 Ether since its reveal on January 21, 2022, making it a 163% increase, according to Dune Analytics.

Azuki OpenSea daily trading and floor volumes. Source: DuneAnalytics @Cryptano

The number of unique wallets that have Azuki has also seen healthy growth, a big factor being its reveal date. Azuki’s Top 50 Wallet Holders reveal that there are a significant number of collectors and the top wallet contains over 150 of the NFTs.

The ability of the project to capture the attention of collectors has contributed a lot to the success of Azuki. However, detractors seem to provide a reality check by comparing the project to another anime-inspired collection, 0N1 Force, whose bubble burst quickly after following a similar price trajectory to Azuki’s.

Community members, possibly biased, disagree, saying the difference between the two teams is day and night. Time will tell if Azuki will continue to rise and retain the top spot on the charts for volume or how quickly it can recover from an impending correction.

CloneX targets first place in total sales volume

CloneX with Takashi Murakumi, created by RTFKT studios, has seen a meteoric rise of 381% over the past week. Its floor price rests at 17 Ether ($47,158) but buyers are still flocking to the collection.

Although RTFKT Studios was acquired by NIKE, that hasn’t stopped the team from bringing the community together. For example, this week RTFKT shared news of two NFT airdrops this week, alluding to “chapter 2 airdrop szn.”

In light of these teaser tweets from RTFKT, CloneX holders are eagerly anticipating what may eventually be dropped and preparing for the Thursday, February 3, 2022 snapshot. RTFKT Studios will be rewarding holders of either collection piece, including CloneX flasks, avatars and spacepods.

Monkeys push above a floor of 100 ETH

3LAU is a story maker in the entire NFT ecosystem and the artist made waves again when he purchased the last Bored Ape before the project hit 100 Ether.

Since the historic sale, singer Justin Bieber has “apeped” buying a BAYC floor for 500 Ether, leaving some holders annoyed, frustrated and confused.

Whether or not Bieber’s decision was a marketing ploy, BAYC has increased its total volume by 113.16% over the past seven days. Still, it lost its top spot in terms of total sales volume, behind Azuki and CloneX, according to OpenSea.

OpenSea rival LooksRare paints a different picture for the collection as it falls further down the charts, possibly due to persistent wash trade from other collections.

The BAYC Collection on LooksRare raised over $42.1 million in total volume, while OpenSea generated more than double that amount ($87.7 million) in just seven days.

BAYC 7-day average price/volume. Source: OpenSea Bored Ape Yacht Club

According to DappRadar, the price hasn’t deterred buyers. Over the past seven days, BAYC has increased the number of traders by almost 74%. After Bieber played the role of assigning what some might consider an obscene value to a soil monkey, he showed what purchasing power looks like when liquidity is accessible.

Monkeys seem to resonate with celebrities, so this might not be the first time we’ve seen another whale cause a stir.