OpenSea: Assesses the contribution of these NFTs to the recent market increase
Open sea recorded almost twice the sales volume over other peaks NFT marketplaces in the last seven days according to the latest Nansen report. TOn the leading NFT marketplace, OpenSea’s trading volume within the aforementioned period was cumulatively $52 million.
Compared to marketplaces, such as MagicEdenLooksRare and X2Y2, it was hands-down dominance without a doubt.
1/ What was the USD trading volume for popular NFT marketplaces in the last 7 days? 🤔
OpenSea dominates with 52 million dollars, almost 2 times all the other marketplaces combined 🤯
Magic Eden and X2Y2 cost around $10 million
What about their weekly users?
More details 🧵👇 pic.twitter.com/QtvfICemzz
— Nansen 🧭 (@nansen_ai) 17 October 2022
The blockchain analytics platform reported that MagicEden’s trading volume was around $10.44 million. X2Y2 recorded $9.85 million, while LooksRare recorded $3.57 million as of October 16.
Source: Nansen
Therefore, it almost certainly was Ethereum [ETH] NFTs far outperformed their counterparts. But which collections on the market contributed so much to this achievement?
A blue-chip comeback?
Interestingly, the rise could be due to the revival of some top NFT collections. A look at CryptoSlam data knew that collections included Bored Ape Yacht Club [BAYC], Crypto-punksand Azuki made enormous progress in the last seven days.
Based on the NFT data, BAYC recorded $7.81 million during the period. These 84 transactions took place among 53 buyers and 67 sellers. The record was an increase of 29.90% until the time of writing. However, BAYC was not the only collection to experience a significant increase.
For the most part, ETH NFTs had a superb performance. Sorare was second with a sales volume of $5.83 million. In addition, there was more interest in the Sorare collection than others. This meant that it contributed more to OpenSea performance than the top-ranked collection. This was because Sorare had over 89,000 transactions and over 18,000 buyers.
Source: CryptoSlam
Notably, an ETH NFT that had another huge impact YuGiYn. According to CryptoSlam, the collection “seen inside the skyscraper” in the last seven days was an increase of a whopping 1,343,724.39%. In light of the upturn, the sales volume was 1.56 million dollars.
Despite its monumental rise, YuGiYN only managed to achieve number 8 in the entire NFT ecosystem. Although the push down may be due to the falling activity of the collections’ traders.
Source: CryptoSlam
Where to go from here
While the seven-day increase was impressive, the same was not the case with its performance over the past 24 hours. CryptoSlam showed that NFT transactions on the Ethereum chain fell 15.66%. As a result, the broader NFT market indicated negative sentiment. Hence the signs that there was one declining interest were still obvious.
However, the NFT ecosystem may require more than $10 million ETH sales volume for Ethereum NFTs in the last day. So for the market to get to incredible levels, transactions may need to go higher and buyer sentiment needs to be extremely impressive.
