Here's why blue chip NFT prices continue to soar nearly a week after the Otherside mint

In May 2021, OpenSea closed nearly $140 million in total volume. Fast forward a year and the most dominant non-fungible token (NFT) mark...

In May 2021, OpenSea closed nearly $140 million in total volume. Fast forward a year and the most dominant non-fungible token (NFT) market closed over $880 million in less than a week, in part due to Yuga Labs’ The Otherside mint. As a result of this strike, a new wave of liquidity has been injected into the NFT ecosystem, and as things stand, the current total market capitalization of NFT is over $19.4 billion.

Market capitalization and volume of NFTs. Source: NFTgo

Over the past two weeks, most of the market had seen little action, but that changed after mint Otherside closed over $317 million in just three hours.

These largely unique, randomly sorted plots of land have amassed over 194,000 Ether (ETH) ($536,137,000) and to the surprise of many, Yuga Labs began reimbursing those lost in the predictable gas wars that burned over $100 million worth of ether. Some holders also vaunted dumped assets worth over $930,000.

NFT price may have taken a little sleep, with many NFT traders warning of impending doom for low-volume projects, but the liquidity created by the Otherside selloff appears to be having the opposite effect.

Investors no longer crave blue-chip NFTs

Outside of Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC), top-notch NFTs like Doodles, Azuki, CloneX, and Meebits have seen notable increases in volume over the past seven days.

Meebits saw an increase of nearly 167% in total sales volume and a 19% increase in average selling price after Yuga Labs announced plans to develop the Metaverse utility for Meebits.

Meebits average volume and price over 7 days. Source: OpenSea

Meebits volume started to simmer in late April and has seen an increase since early May. The average selling price has increased by 15% and the volume has increased by more than 65% in the last seven days.

Azuki 7-day average volume and price. Source: OpenSea

It seems that NFT traders who have left certain NFT ecosystems are taking their profits and reinvesting in upgrading their collection with top-notch status NFTs.

Following a similar trajectory to Azuki, Doodles NFT has seen a nearly 250% increase in volume over the past seven days. The price floor has also risen steadily since early May and currently stands at 23 Ether ($65,458).

A clear trend is that the most recent capital injection is pushing blue chip NFT prices higher, leaving the rest of the PFP-dominated market to fall. Could this be the start of Gary Vee’s speculation that 99% of collections will be to go to zero, leaving only the top 1% with value?

RTFKT Studios’ CloneX NFTs also rode the wave. Just a week ago, price floors hovered around the 16.5 Ether to 17.5 Ether range, but now they sit at 19.7 Ether.

CloneX – Takashi Murakami 7-day low prices. Source: NFTpricefloor

This price spike could be attributed to the MNLTH NFT reveal describing the first blockchain-powered Nike sneaker with morphing and forging capabilities (meaning it can be created to be worn in real life).

In addition to the new kicks, owners received a vial representing the first “skin” and upon revealing the MNLTH, the NFT was burned to hit the MNLTH 2, which is another mystery box. Thus, the journey continues with RTFKT studios and its ecosystem.

Although Ethereum-based NFTs have received attention over projects on other blockchains, OpenSea’s recent support for Solana’s NFTs levels the playing field.

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

Solana Summer part two?

Merchants with little or no exposure to Solana can now interact with the NFT ecosystem as OpenSea added support for the chain. While Solana investors are adamant about using Solana’s Magic Eden marketplace, other traders are excited about the new option.

Okay Bears is making waves on the Solana project, which is Solana’s first blockchain NFT to be ranked in the top 5 of the OpenSea volume charts. Costing 83 SOL ($7,111), Okay Bears has generated some controversy regarding its quality and value. Because some NFT influencers have changed their profile pictures to sport Okay Bears, the total volume of the project has increased by more than 34% in the last seven days, but continues to level off.

Okay Bears Avg. over 7 days. volume/price. Source: OpenSea

The success of Okay Bears has investors clamoring for another “Solana Summer” and the Catalina Whale Mixer NFT is also causing a stir on OpenSea.

Even though the project was launched in December 2021, NFT influencers and key players look back to when they first embarked on the project and have since made significant sales and notable gains.

Currently, 12 Solana NFT projects are in OpenSea’s Top 100 list by total volume, which could indicate that the above-average NFT collector may be diversifying into blockchains.

DeGods NFT ranks among the top 40 NFT collections by total volume on OpenSea. Self-described as a deflationary collection of misfits, punks and degenerates, DeGods’ floor currently stands at 310 SOL ($27,190) on OpenSea and 245 SOL ($20,851) on Magic Eden.

Data from Magic Eden shows DeGods saw a 179% price floor increase in April and a late surge can be seen at OpenSea.

DeGods 30 day average. volume / avg. Source: OpenSea

Since top-notch NFTs like BAYC and CloneX have set the standard for brand equity and rewarding communities, investors seem to be doubling down on these collections.

Importantly, while profile evidence NFTs have seen slow volume, other types of musical, literary, and membership-based NFTs are emerging. Ethereum NFTs have clearly cemented their mark in history; but other blockchains with NFT projects are also surfacing.

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.