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How Has the Rise in Crypto Price Affected the Trading of Key NFT Collections?

Sales at Bored Ape Yacht Club have dropped by 22 percent in the last week. Even though bitcoin and ether have increased in price by 23% and 21%, respectively, the trading volume and the number of sales for significant NFT collections have decreased. Trading activity and sales have dropped drastically for market leaders including Bored Ape Yacht Club, Azuki, and CryptoPunks.

There is a lot of excitement about the rising crypto values, and this is reflected in the NFT trade volume of blue chip collections like the market-dominating Bored Ape Yacht Club. Their revenue is down by 23.0% to just over $13 million, and their trade volume is down by 33.0% to just over $13 million (with 165 fewer digital collectibles sold). Similar trends can be seen in the trading volumes of Azuki (33.17%) and CryptoPunks (21.96%).

Was It the Same for the Entire NFT Sector? 

Almost certainly not! This does not mean that the NFT sector as a whole is experiencing a decrease in any way. In other words, investors and traders began to focus their attention on other opportunities. For example, the mint finish on the Friendship Bracelets sold at Art Blocks Explorations had a 65 percent increase in sales, which resulted in 6,873 bracelets being purchased over the course of the previous week. In spite of this, the total amount of trades reached $6.57 million, representing an increase of 84.7%.

The memes accomplished the same kind of successful results. These collections are very recent additions to the market and are experiencing a surge in demand at the present time. It would appear that collectors are looking for ways to get involved in collections that might potentially yield enormous profits.

It would appear that those actively trading for profit have moved on from NFTs and are now focusing on cryptocurrency. The number of traders on most NFT platforms has been going down, which is the opposite of the trend shown in the reduction in trading volume. In the seven days prior, OpenSea recorded revenues of $95 million, which is a 16.7% decline from the previous week’s total. Blur was the number two marketplace, with sales of $38.29 million, but it was hit much harder than the other marketplaces, experiencing a volume loss of 35%.

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