Is the increase in OpenSea volume and sales of blue-chip NFTs an early sign of an NFT bullish market?

Over the past two months, OpenSea has begun to shudder from its New Year’s high-stakes run, and many NFT experts have begun speculating on the start of a bearish market, with sales slowing slightly after closing a record. of $ 5 billion in total sales volume in January.

However, in the last 7 days, the total sales volume has already exceeded the mark of $ 1 billion and just one week in April, it seems that the NFT markets are agreeing to an increase in blue chip projects. Say “Spring Awakening”.

OpenSea monthly volume. Source: DuneAnalytics @ rchen8

Traders looking for the next Bored Ape Yacht Club (BAYC) project have been patiently waiting for another project to arrive with the same strength and brand value. Some of the major competitors are emerging. Azuki Zen, released on January 21, grossed more than $ 574.6 million in total volume, and CloneX x Takashi Murakami of RTFKT Studios grossed more than $ 546.7 million. In the last 7 days alone, CloneX has increased its total sales volume by more than 180%.

NFT investors are beginning to realize the long-term benefit of investing with the equipment they have delivered. RTFKT studios catalyzed the collective resolution of community missions for its NFT MNLTH, launched for all CloneX holders worth $ 22,135. As such, for those who hold their MNLTH, they were essentially receiving more than $ 22,000 simply for being CloneX holders. This further illustrates the value of collectors and traders NFTs Grail.

Now that liquidity is pumping and circulating, it looks like the second quarter is here to pave the way and NFT markets appear to be inflamed by more mature NFT communities and investors.

What will trigger the next BAYC?

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

In a far-reaching collector’s spectrum of maxi, the recently launched NFT projects have paid close attention not only to building united communities that hold strong convictions, but also those that we can use as a platform to elevate their own personal creative activities.

RTFKT Studios has opened a platform for breeders to shine through the NFT Space Pod airdrop, which allows owners to display their NFTs throughout the space. Currently valued at $ 4,920.86 (1.65 Ether), SpacePods are open for customization, and this also allows RTFKT to explore talent in its own community. Breeders can also produce and sell their own breeds for other community members to support and take advantage of.

Currently, the minimum price of a CloneX is 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 average selling price / volume of all time. Source: OpenSea

Similarly, Yuga Labs has announced the creation of its metaverse platform, MetaRPG, which will offer affordable digital terrain. This news was aggravated by ApeDAO not just airdroping for the owners of the BAYC NFT ecosystem over $ 1.6 billion on ApeCoin and promising to become a utility currency adopted in the BAYC and MetaRPG ecosystem.

Percentage of qualified addresses claiming APE. Source: DuneAnalytics @hildobby

As MetaRPG is programmed to be an interoperable metaverse, it will not prevent those who are not in the BAYC ecosystem from gaining exposure. Those who are paying attention know that there is tremendous value in interoperability for mass adoption and other interoperable metaverse projects such as Arcade Land.

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

Arcade Land is currently number three in total volume in the last 7 days, dating to approximately $ 23 million. Its average selling price has risen 96%, and whether or not it’s just a pre-release pump, it suggests that communities are looking for the most viable interoperable worlds. The cheapest NFT Arcade Land is selling just under 1 Ether (3,291.15) and 10,000 items, there are more than 5,700 unique proprietary wallet addresses.

NFT investors are focusing their offerings on utility, interoperability and an appearance of cultural relevance. Lately, it seems that well-known artists outside the circles of Web3 and NFT are gaining ground in the ecosystem and gaining the attention of art collectors and NFT collectors.

There is value in linking IRL art to digital spaces through NFT collections and experiences

RTFKT Studios is an example of how collaborating with a well-known artist can elevate the inherent value of a digital collection not just by mere association, but also by potential mutual benefit. For example, CloneX has partnered with contemporary Japanese artist Takashi Murakami, whose influence is reflected in the collection of certain CloneX avatars inspired by his previous work.

Takashi Murakami has created a list of permissions for his Murakami.Flowers NFT collection and has given all of Murakami’s CloneX avatars (approximately 2,500) a place on the list. On March 30, Murakami Flowers hit the secondary market and increased 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 selling price increased by more than 61%.

Murakami.Flowers All-time average sale price / volume. OpenSea

Cyberbrokers cryptocurrency artist and creator Josie Bellini has introduced another level of detailed art that is technically innovative and knowledgeable. According to NFT portfolio trackers, 50% of CyberBrokers owners they have portfolios made up of more blue-chips than the average investor.

CyberBrokers’ average all-time sales price / volume. Source: OpenSea

CyberBrokers’ average selling price has risen more than 274% since its launch. In the long run, artists whose work has been translated into digital may have added value because of the historical relevance it may have.

Another NFT collection called “MOAR” by Spanish artist Joan Catallan, climbed to first place in the full volume stops at OpenSea. Currently, it has risen more than 320% since reaching the secondary market on April 8 and is trading at 1.11 Ether ($ 3,283.50).

Presented by the digital media company FWENCLUB, MOAR is 5,555 creatures’ souls, living in a mansion in the metaverse. There are over 3,700 unique wallet addresses that have a MOFT NFT and only time will tell how the community will develop.

NFT announcements can make the second quarter quite exciting

The second quarter could potentially have several liquidity pumping ads to tow. NFT marketers went to Twitter to do it his throbbingbut there are some imminent project developments that can increase overall morale and the amount of liquidity in the market.

CyberBrokers NFT will launch a free NFT for all homeowners whose value could potentially increase as CyberBrokers’ gaming ecosystem continues to grow.

Similar to the way RTFKT studios initiate the resolution of community collective missions for their NFT MNLTH, CyberBrokers announced that on April 12 all brokers will receive a cosmetic item for their NFT. Communities in general are almost beginning to expect their NFTs to unlock airdrops of resources.

Average price of all time and volume. Source: OpenSea

Azuki NFT, launched in the air 2 BEANZ NFT reds not revealed for each respective owner, which sparked controversy on Twitter about who they were and what they were worth. Those who are eligible to claim will be able to do so until April 14 and the revelation is scheduled for the next day. Azuki NFT’s airdrop, BEANZ, excited the market, giving Azuki a 25 Ether lead ($ 77,879). The mysterious NFT has risen rapidly by more than 3 Ether ($ 9,440.10) and BEANZ is currently at 5.45 Ether ($ 16,268.25), as its average selling price has risen more than 44% since it hit the secondary market .

The NFT spring seems to be flourishing and collectors have refined their sensibilities and are looking to turn their initial investments into bigger ones through the new NFT airdrop mechanism.

Outside of issuing tokens, collectors are now drawn to projects that add value to their community by giving them free illiquid assets that quickly become liquid. Although some NFT experts claim that airdrops dilute the collection, others are taking advantage of this opportunity to turn their liquidity into long-term investments that generally increase the size of their portfolio. Liquidity and collector pairing could be very fruitful in the second quarter 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 must conduct your own research when making a decision.

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