Is the increase in OpenSea volume and top notch NFT sales a harbinger of an NFT bull market?

Over the past couple of months, OpenSea has started to cool off from its New Year bull run and many NFT pundits have started speculating ...


Over the past couple of months, OpenSea has started to cool off from its New Year bull run and many NFT pundits have started speculating that a bear market will begin once sales take a slight downward trend. down after closing a record total volume of $5 billion. sales in January.

However, in the last 7 days the total sales volume has already surpassed the $1 billion mark and just a week into April, it looks like the NFT markets are waking up with an upsurge in premier projects. order. Report the “spring awakening”.

OpenSea monthly volume. Source: Dune Analytics @rchen8

Traders looking for the next Bored Ape Yacht Club (BAYC) project have patiently waited for another project to arrive with the same strength and brand value. Some of the top contenders have appeared. Azuki Zen, revealed on January 21, has amassed over $574.6 million in total volume and RTFKT Studios’ CloneX x Takashi Murakami has amassed over $546.7 million. In the past 7 days alone, CloneX has increased its total sales volume by over 180%.

NFT investors are coming to understand the benefit of investing for the long term with teams that have delivered. RTFKT Studios catalyzed the community’s collective quest resolution for its MNLTH NFT, released to all CloneX holders worth $22,135. As such, for those who held their MNLTH, they were basically dumped over $22,000 just for being a CloneX holder. This further illustrates collectors and traders the value of Grail NFT.

Now that the liquidity is pumped and flowing, it looks like the second quarter is here to lead the way and NFT markets appear to be fired up by more mature NFT communities and investors.

What will trigger the next BAYC?

NFT projects are beginning to understand the value of the intersection of culture, community and commerce through what BAYC has cultivated, and many have explored ways to establish their own.

On a spectrum from distant collector to maxi, NFT projects that have recently launched have paid particular attention to not only building tightly-knit communities that have strong beliefs, but ones that can use its platform to elevate their own personal creative activities.

RTFKT Studios has opened up a platform for creators to shine via their Space Pod NFT airdrop which allows owners to display their NFTs throughout the space. Currently valued at $4,920.86 (1.65 Ether), the SpacePods are open to customization, which also allows RTFKT to seek talent within its own community. Creators can also produce and sell their own creations for other community members to support and enjoy.

Currently, the floor price of a CloneX is a slim 17.5 Ether ($52,237.50). By maintaining an average sale price above 11.5 Ether, NFT collectors and owners are confident that RTFKT Studios will continue to deliver.

CloneX All time average selling price/volume. Source: OpenSea

Similarly, Yuga Labs announced the creation of its metaverse platform, MetaRPG, which will offer purchasable digital lands. This news was compounded by the fact that ApeDAO not only dumped owners of the BAYC NFT ecosystem for over $1.6 billion in ApeCoin and promised that it would become an adopted utility currency in the BAYC ecosystem and MetaRPG.

Percentage of eligible addresses claimed APE. Source: Dune Analytics @hildobby

Since MetaRPG is meant to be an interoperable metaverse, that won’t stop those outside of the BAYC ecosystem from coming forward. Those who have been paying attention know that interoperability has tremendous value for mass adoption and other projects with an interoperable metaverse like Arcade Land.

Arcade Land 7-day average selling price / volume. Source: OpenSea

Arcade Land is currently number three for total volume over the past 7 days, approaching around $23 million. Its average sale price has increased by 96%, and whether or not that’s just a pre-post reveal pump, it suggests that communities are looking for the most viable interoperable worlds. The cheapest NFT Arcade Land sells for just under 1 Ether (3,291.15) and out of 10,000 items there are over 5,700 unique owner wallet addresses.

NFT investors focus their offerings on utility, interoperability, and some semblance of cultural relevance. Lately, it seems that well-known artists outside of Web3 and NFT circles are carving their way into the ecosystem and attracting the attention of art collectors and NFT collectors.

It helps to connect IRL art to digital spaces through NFT collections and experiences

RTFKT Studios has exemplified how collaborating with a well-known artist can elevate the inherent value of a digital collection not just through simple association, but also through potential mutual benefit. For example, CloneX has partnered with contemporary Japanese artist Takashi Murakami, whose influence has seeped into the collection on some CloneX avatars inspired by his previous works.

Takashi Murakami created an allowlist for his Murakami.Flowers NFT collection and gave all of Murakami’s dripping CloneX avatars (about 2,500) a spot on the list. On March 30, Murakami Flowers hit the secondary market and jumped in volume from an average selling price of 6 Ether ($17,910) to the current 9.2 Ether ($27,462). In less than 2 weeks, the average sale price increased by more than 61%.

Murakami.Flowers All time average selling price/volume. OpenSea

Crypto artist and creator of Cyberbrokers, Josie Bellini has introduced another level of detailed art that is technically innovative and layered on top of tradition. According to NFT wallet trackers, 50% of CyberBrokers owners have bags composed of more blue chips than the average investor.

CyberBrokers All time average sale price/volume. Source: OpenSea

CyberBrokers’ average selling price has increased by over 274% since its launch. In the long term, artists whose work has been digitally translated may have additional value for the historical relevance it may have.

Another NFT collection called “MOAR” by Spanish artist Joan Catallan, topped the charts for total volume on OpenSea. Currently, it is up over 320% since entering the secondary market on April 8 and is trading at 1.11 Ether ($3,283.50).

Brought to you by digital media company FWENCLUB, MOAR depicts 5,555 creature souls, living in a metaverse mansion. There are over 3,700 unique wallet addresses that own a MOAR NFT and only time will tell how the community will grow.

NFT announcements could make Q2 quite exciting

The second quarter could potentially have several liquidity pump announcements. NFT locals took to Twitter to make their guessbut there are a few upcoming project developments that could boost overall morale and the amount of liquidity in the market.

CyberBrokers NFT will release a free NFT to all owners, the value of which could potentially increase as the CyberBrokers gaming ecosystem continues to grow.

Similar to how RTFKT Studios is launching community collective quest solving for its MNLTH NFT, CyberBrokers has announced that on April 12, all brokers will receive a cosmetic item for their NFT. Communities as a whole are almost starting to expect their NFTs to unlock feature drops.

BEANZ Avg. sales price volume. Source: OpenSea

Azuki NFT, airdropped 2 red unrevealed BEANZ NFT to each respective owner who sparked controversy on Twitter regarding what they were and what they are worth. Those who are eligible to claim will be able to do so until April 14, and the reveal is scheduled for the following day. Azuki NFT’s airdrop BEANZ excited the market, giving Azuki a boost past 25 Ether ($77,879). The mysterious NFT quickly pumped over 3 Ether ($9,440.10) and BEANZ is currently at 5.45 Ether ($16,268.25) while its average sale price has increased by over 44% since its arrival in the secondary market.

The NFT spring seems to be blooming and collectors have honed their sensibilities and are looking to turn their initial investments into larger investments via the new NFT airdrops mechanism.

Apart from issuing tokens, collectors are now attracted to projects that add value to its community by giving them illiquid assets that quickly become liquid for free. Although some NFT experts claim airdrops dilute the collection, others take advantage of this opportunity to transform their cash into long-term investments that often inflate the size of their portfolio. The combination of liquidity and collectors could enable a very successful Q2 for NFTs and the Web3 ecosystem.

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.