The explosion in non fungible token (NFT) trading volumes on the OpenSea marketplace could be the harbinger of renewed interest in digital artworks leading up to a fresh season.
What Happened: Daily trading volume in NFTs has averaged $200 to $250 million on OpenSea, according to Delphi Digital.
Open Sea Daily Volume Chart — Courtesy Delphi Digital
This level of trading volume was last seen during the August-September bull market. The current volumes are driven by existing projects like Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) instead of new NFT mints.
Monday marked OpenSea’s most active day and saw participation by 80,000 daily active traders, the independent cryptocurrency research firm said.
See Also: How To Buy Ethereum (ETH)
Why It Matters: BAYC floor at 77.9 Ethereum (CRYPTO: ETH) or $242,027 flipped CryptoPunks as the collection continues to “garner attention with more celebrity purchases and partnerships,” said Delphi Digital. CryptoPunks have dipped to a 60.95 ETH ($189,365) floor.
Floor Prices Of Select NFTs — Courtesy Delphi Digital
Celebrities that own BAYC digital artworks include the Tonight Show host Jimmy Fallon, singer and songwriter Post Malone, and rap star Snoop Dogg, who owns a full set.
Recently rapper Takeoff said he had joined the BAYC family. The artist had also purchased a CryptoPunk piece earlier.
Just joined the family!!! #LFG!! @BoredApeYC #MutantApeYachtClub pic.twitter.com/YzhA5rkIBE
— TakeOff (@1YoungTakeoff) January 7, 2022
Meanwhile, PhantaBear has seen considerable traction with a floor price growing from 0.34 ETH ($1,056.34) on Jan. 1 to 6.17 ETH ($19,169) on Monday. This represents an 1800% growth in just 10 days, according to Delphi Digital.
Price Action: At press time, over 24 hours, ETH traded 2.15% lower at $3,106.90.
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