Bumper week for NFT trading shows the space is still in a strong position
Summary
- OpenSea and LooksRare together account for over $1.5 billion in NFT trading volume in the past 7 days.
- New NFT project Moonbirds generated over 111,000 ETH ($330 million) by itself.
NFT trading over the past seven days went over $1.5 billion. The huge volume was driven, in part, by the new NFT project Moonbirds. But other collections certainly did their part for the cause and helped to push forward a market that is still going strong despite the calls of bears.
NFT trading volumes look strong
Predictions about the cooling down of NFT trading may have been premature. Over the past seven days, the volume of NFT trades across the two biggest secondary marketplaces topped the $1.5 billion mark.
Across the 13 weeks of Q1 2022, NFT trades generated $12 billion in sales. That averages out to around $923 million in sales per week.
As we can see in the chart below, NFT trades have been on a downward trajectory this year. So the surge this week is good news for a space that saw huge growth in 2021 but some feared may be in correction territory as bearish signals set in for 2022.
The collections behind the numbers
The big story this week was Moonbirds. We’ve written extensively about the collection on DappRadar since the project dropped on April 16th. US comedian Jimmy Fallon had two dropped into his wallet and the entire collection has generated sales of roughly 111,000 ETH ($330 million). That equates to over one-fifth of the entire week’s volume across those two platforms.
Other collections that have contributed to these impressive numbers are:
- Murakami.Flowers Seed – 21,486 ETH ($64 million) on OpenSea alone. Up 4,108% over the past week.
- Mutant Ape Yacht Club: A weekly volume of 17,273 ETH ($51.3 million) on OpenSea trading volume up 221% over the past seven-day period.
- Bored Ape Yacht Club: OpenSea shows trading volume of 11,100 ETH ($33 million). Trading volume is up 107% for the past week.
- BEANZ Official: 5900 ETH ($17.5 million) of trading on OpenSea for the past week and trading on the collection is up 113% for the same period.
What’s most amazing about the figures above is the amount that each collection has increased its WoW trading volume. For projects as big as MAYC and BAYC to surge by such a significant percentage is a sign that excitement may be flooding back into the NFT space.
The big sales putting the wind in trading volumes
With Moonbirds being the talk of the town this week, it’s no surprise that three NFTs from the project sit in the top three places for individual sales. Amazingly, for a project not even a week old, it has three trades each worth over 168 ETH ($500,000).
The trusty old Bored Apes are still there, trading for exorbitant prices and looking as worn out as ever.
To track NFT collections and see how they rank for the week, go to our rankings page. You can also read our blog to get the latest news on all that’s going on in the world of NFTs. Our Twitter page breaks stories the fastest and our Discord server has great conversations every week.
