The latest market data analysis confirms that most blue-chip NFTs tier projects continue recording massive adoption in the past two weeks, despite most of the NFT market experiencing a downtrend.
This uptrend started two weeks ago at the same time Yuga Labs, the creator of the popular NFT community Bored Ape Yacht Club, launched minting of its real-estate venture “Otherside” on the OpenSea NFT marketplace.
In May 2021, OpenSea, the most dominant non-fungible token marketplace, experienced massive adoption, recording $140 million in monthly volume. This year OpenSea now records more than $880 million in less than two weeks, particularly since the recent mint. The NFTs marketplace now has a total market capitalization closed over $19.4 billion.
Although the general NFTs market has experienced a slight downtrend in the past two weeks, most of the market of blue-tier NFTs has seen little adoption. Most blue-chip NFTs started gaining uptrend momentum after Yuga Labs launched minting of its real-estate venture “Otherside” in the Metaverse.
At the time, the randomly sorted parcels of land NFTs amassed 194,000 Ether, representing $536,137,000. Yuga Labs successfully gathered more than $317 million in just three hours. According to some holders, Yuga Labs airdropped assets worth more than $930,000.
Unfortunately, during the minting process, the NFT projects experienced bottleneck challenges that attracted unprecedented gas fees. But interestingly, Yuga Labs has begun refunding those who lost their stake to high gas fees.
Notably, in the past two weeks, a large part of the NFTs market has been in a consolidation phase, with many NFT traders blaming projects with low volume for the downtrend. However, the recent Otherside sale appears to have re-introduced the upside trajectory.
Blue-chip NFT Adoption
Apart from the Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC), many other blue-chip NFTs tiers like Doodles, Azuki, CloneX, and Meebits have recorded some increases in volume in the past seven days.
Meebits, an NFT project launched by Larva Labs, has gained 167% in total sale volume and 19% in the average sale since Yuga Labs announced ready plans to develop the Metaverse utility for Meebits.
Trading volume for Meebits started soaring at the end of April and accelerated its surge since the start of May. Meebits has increased by 15% in the sale price and 65% in volume in the past seven days. This growth indicates that NFTs traders from other ecosystems took their profit and investments back into the blue-chip NFTs.
Following the same footprints, Azuki, an NFT project launched by Chiru Labs, and Doodles, an NFT project launched by Evan Keast, have increased by nearly 250% in volume in the past seven days.
Data analysis shows that the most recent capital infusion has boosted the blue-chip NFT prices, leaving the rest of the PFP-dominated market tumbling. This market action goes along with Gary Vee’s speculations that 99% will go to zero, leaving the rest 1% with value.
RTFKT Studio, the creator of CloneX NFTs, has also enjoyed the ride. The NFT project saw prices rising from 16.5 Ether to 17.5 Ether. At the time of publishing, CloneX stood at 19.75 Ether.
The recent market action may be attributed to MNLTH NFT integration in Metaverse to showcase the first blockchain-powered “Nike Sneaker” with morphing and forging capabilities.
The new integration will allow owners to receive a vial representing the first skin. Users will mint MNLTH to join the mystery box.
Although Ethereum-based NFTs have seen massive adoption compared to notable projects on other blockchains, the recent OpenSea integration on Solana has boosted the NFT adoption.
OpenSea And Solana Integration
OpenSea recently announced successful integration with Solana. The new integration will offer many traders exposure to Solana to interact with the NFT market. Although some traders are inflexible about using the Solana Magic Eden marketplace, many are happy with the new integration.
Okay Bears is one of the popular NFT products on Solana, ranking fifth on the OpenSea volume charts. Okay Bears are trading at 83 SOL ($7,111) although the project is affected by some controversy regarding its quality and value. NFTs community alleges that influencers changed their profile picture to campaign for Okay Bears, pushing the project over 34% higher in the last seven days.
Many investors have applauded this success, describing the recent market action as another Solana Summer. Catalina Whale Mixer NFT is another NFT project available on OpenSea.
Although the project launched in December 2021, NFTs influencers and key players have since made massive sales and notable gains. Currently, there are12 Solana NFT projects in the top 100 list on OpenSea.
DeGod is another NFT, ranking in the top 40 NFT collections on OpenSea. DeGods has its floor price at 310 SOL ($27,190) on OpenSea and 245 SOL ($20,851) on Magic Eden NFT marketplace. Data acquired from Eden shows that DeGods have increased by 179% since April.
Despite notable blue-chip tier NFTs setting standards for communities, investors appear to be interested in the other collections as well.
Notably, although proof-of-profile NFTs have recorded slow volume in the past seven days, there are other upcoming types of music, literary, and membership-based NFTs. In that context, Ethereum NFTs have written their scorecard history. But, there will be other blockchains with NFT projects also coming to the surface.
