OpenSea’s total volume in May 2021 was approximately $140 million. Fast forward a year and the most prominent NFT marketplace closed over $880 million in less than a week, partly due to Yuga Labs’ The Otherside Mint. As a result of this minting, a new surge of liquidity was poured into the NFT ecosystem and as it stands the current NFT total market capitalization exceeds $19.4 billion.
Much of the market saw little action for the past two weeks, but that changed after the Otherside Mint closed over $317 million in just three hours.
These massively unique, randomly ordered parcels of land have accumulated more than 194,000 ether ($536,137,000) and, to the surprise of many, Era Labs has begun to return those who were involved in anticipated gas wars. More than $100 million worth of ether was burned, which were lost. Some holders also presumed airdropped assets to be overvalued. $930,000,
The price of NFTs may drop slightly, with many NFT traders charting impending doom for low-volume projects, but the liquidity created by other sells has the opposite effect.
Investors no longer shortlisting blue-chip NFTs
Outside of Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC), blue-chip tiered NFTs like Doodle, Azuki, CloneX and Meebits have seen some notable increases in volume over the past 7 days.
Meebits saw a nearly 167% increase in overall sales volume and a 19% increase in average selling price after Yuga Labs announced plans to develop a Metaverse utility for Meebits.
MeBits volume began to decline in late April and has seen an uptick since early May. The average selling price has increased by 15% in the last 7 days and the volume has increased by over 65%.
It appears that NFT traders who have left some of the NFT ecosystem are taking their advantage and investing in upgrading their collections with NFTs to blue-chip status.
Following a similar trajectory as Azuki, Doodles NFT has seen a nearly 250% increase in volume over the past 7 days. The floor price has also been rising steadily since the beginning of May and is currently at 23 Ether. ($65,458).
An obvious trend is that the most recent capital inflows have been lifting blue-chip NFT prices, leading to a decline in the rest of the PFP-dominated market. Could this be the start of Gary V’s speculation that 99% of the collection will go ZeroWith value leaving only the top 1%?
RTFKT Studios, CloneX NFT are also riding a wave. Just a week ago floor prices were around the 16.5 Ether to 17.5 Ether range, but now they are at 19.7 Ether.
This jump in price can be attributed to the MNLTH NFT, which depicts the first blockchain-powered Nike sneaker with morphing and forging capabilities (meaning, can be made to wear in real life).
With the novel kick, the owners find a vial representing the first ‘skin’ and in revealing MNLTH, NFT is burned to find MNLTH 2 which is another mystery box. Hence, the journey continues with RTFKT Studio and its ecosystem.
Although Ethereum-based NFTs have received headlines compared to projects on other blockchains, OpenC’s recent support for Solana NFTs is leveling the playing field.
RELATED: Are OpenC Volumes and Selling Blue-chip NFTs an Early Sign of an NFT Bull Market?
Solana Summer Part Deux?
With OpenSea adding on-chain support, Solana traders with little or no risk can now interact with the NFT ecosystem. While Solana investors are adamant about using Solana’s Magic Eden marketplace, other traders are thrilled about the new option.
The Solana Project is Making Waves OK Bear, the first Solana Blockchain NFT to rank in the top 5 on the OpenC volume chart. Priced at 83 sol ($7,111), the OK Bears have sparked some controversy regarding their quality and value. As some NFT influencers sporting OK Bears have changed their profile picture, the total volume of the project has increased by over 34% in the past 7 days, but this level continues to level out.
The success of OK Bear has prompted investors to call for another “Solana Summer” and the Catalina Whale Mixer NFT is also rocking OpenC.
Even though the project was launched in December 2021, NFT influencers and major players have been circling back when they first jumped into the project, and have garnered some huge sales and notable profits since then.
catalina whale 2291
sold! Pow Pow → 500.00 SOL ($49,080.00 USD)
https://t.co/RB7j7udX3nWelcome to the Fucking Catalina Whale Mixer!
https://t.co/p2av2TxZ5y
— Catalina Whale Mixer Sales Bot (@WhaleBouncer) April 28, 2022
https://t.co/m74Kf8NNZL pic.twitter.com/FkKQjKjT3v
There are currently 12 Solana NFT projects on OpenSea’s top 100 list by total volume and this could indicate that the above average NFT collector could diversify across the blockchain.
DeGods NFT ranks in the top 40 NFT collections for total volume on OpenSea. Self-described as a deflationary collection of misfits, punks and degenerates, DeGods Floor is currently 310 SOL ($27,190) on OpenSea and 245 SOL ($20,851) on Magic Eden.
Data from Magic Eden shows DeGods saw a 179% increase in floor price in April, and OpenSea may see a bounce of late.
Given that blue-chip tier NFTs like BAYC and CloneX set the standard with regards to brand equity and rewarding communities, investors are doubling down on these collectibles.
It is important to note that while proof-of-profile NFTs have seen slow volumes, other types of musical, literary and subscription-based NFTs are emerging. Ethereum NFT has clearly made its mark in history; But other blockchains containing NFT projects are also coming to the surface.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, so you should do your own research when making a decision.
