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.
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.
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.
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.
If I was a #Azuki holder with only 1, I would be nervous right now. This meteoric rise reminds me #0N1Force and it can’t be sustainable. There has to be a pullback for it to sustain such a high price in the long term. Most blowout peaks end in steep drops. Be careful.
— NF-T. Rowe Price (No financial advice) (@1Bprice) February 1, 2022
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.”
clarification for RTFWT noobs:
1 Airdrop for Clone owners
1 Airdrop for Pod owners.Different airdrops aka 2 Airdrops this week
— RTFTK Studios (@RTFKTstudios) February 1, 2022
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.
Has Justin Bieber been had? 500 Eth purchase pic.twitter.com/RRZn3y9irn
—threadguy.eth (@DiscoverXnft) January 29, 2022
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.
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.
Mutant monkeys exploded after New Years
Mutant Ape Yacht Club (MAYC) has had a strong start to the year with its average daily price up 40% over the past month. Currently, the floor on MAYC is at 22.7 Ether, while on LooksRare the collection is slightly cheaper at 22.6 Ether, at the time of writing.
MAYC seemed like the ticket to join the club at a fraction of the price of BAYC, on August 28, 2021. However, after the sale of a Mega Mutant Serum worth $3.6 million, the floor price of the collection jumped about 500%.
At the time of writing, the floor price of the collection has increased by almost 40% in the last 30 days, with the highest floor price recorded being 26.4 Ether in the last seven days.
According to the data, there are only 11.4% of the collection listed (2,074 MAYC), suggesting that users could handle their bags with diamonds. With nearly 12,000 unique holders, it seems that those who have collected a Mutant are patiently waiting for its value to follow that of its parent collection.
Greed is always the downfall of the overzealous investor and a possible outcome could be that many of these holders and collectors are sitting on losses. At this time it is nearly impossible to determine what is driving the NFT bull market and for this reason all investors should do their research and ensure that they are not looking for a chair when the music stops.
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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