When people think of whales in cryptocurrency, they automatically assume it pertains to trading Bitcoin and Ethereum. However, whales in the NFT space also generate tremendous sales volume increases. Nearly all top collections have grown by over 200% in volume this week, as OpenSea remains the biggest marketplace by a landslide.
Top NFT Collections Gain More Sales Volume
The overall sales volume of an NFT collection is a double-edged metric. On the one hand, it confirms there is tremendous interest in the collection, and people want to pay – sometimes hefty prices – to acquire an item in the collection. On the other, it means many people are selling their NFTs. There is no reason to panic as long as there is a balance between these two aspects.
When we see a steep increase in weekly sales volume across nearly all top NFT collections, things get a bit more interesting. The recent news regarding Yuga Labs acquiring the IP for BAYC and MAYC remains a crucial industry development. It has prompted some people to sell their MAYC and BAYC NFTs, which can help explain the growing sales volume. BAYC notes a weekly increase of nearly 293%, whereas MAYC’s sales volume went up by 241.6%.
Interestingly, the only collection in the top five noting a sales decline is CryptoPunks. Although a 14% dip isn’t necessarily problematic, that is somewhat surprising. However, there were still over 75 buyers and 118 total transactions, confirming the collection is in a good place. One also has to remember CryptoPunks can easily generate a weekly sales volume that is much higher than most entire collections’ worth.
Other collections noting a good week are MURI – up by over 225% – and Bored Ape Kennel Club, noting a 551% increase. That latter collection is part of the ApeCoin airdrop, which is still ongoing. However, users will need a Bored Ape or Mutant Ape – IDs do not need to match – to pick up the APE tokens. It is possible multiple MAYC and BAYC holders – new or existing – are scooping up some cheap BAKC to claim more tokens.
Can Anyone Compete With OpenSea?
No NFT collection would thrive if there weren’t capable marketplaces to keep an eye on. OpenSea still remains the dominant industry force, with a total volume nearing $20 billion. A staggering amount, and one that confirms it is the only marketplace that matters for those investing in NFTs for the money. Of course, Ethereum has other marketplaces to buy, sell, and trade NFTs, which should not be ignored either.
There are now three marketplaces with over $100 million in total volume on the other blockchains. Those platforms are DeFiKingdom on Harmony, MagicEden on Solana, and ImmutableX on the chain with the same name. It is good to see NFTs take off across different ecosystems, although catching up to Ethereum is a tall order. The battle to become the “next OpenSea” is still in full effect.
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