The latest market analysis confirmed that although crypto prices are volatile sometimes point downwards, blue-chip NFT projects continued to flourish in sales in the past week. In that context, trading volume on OpenSea surged above $1.3 billion. This remarkable performance signifies the return of the NFT bull market.
Notably, in the last two months, OpenSea, the world’s biggest marketplace for non-fungible tokens (NFTs), has been tumbling from its New Year’s bull run. The NFT marketplace has shrunk more than 70% in daily volume from its record-breaking $5 billion in total volume sales in January. Many non-fungible token pundits speculated that once the sales took a slight downward trend that would be the beginning of a bear market.
But interestingly, for the last seven days, the giant non-fungible token marketplace has retested an upward trend, with its total sales volume exceeding the $1 billion mark in the first week of April. It seems that the nonfungible token markets are waking up to a resurgence of blue-chip caliber projects.
It is worth noting that the Bored Ape Yacht Club (BAYC) has been the most successful NFT project this year, attracting several notable investors from Hollywood into the NFT space. NFT investors searching for a similar project have patiently waited for another project that comes along with the same force and brand equity.
On January 21, rival NFT project Azuki Zen revealed that it had amassed over $574.6 million in total volume, while RTFKT Studios and Takashi Murakami owned the CloneX NFT avatar project accumulated over $546.7 million. Remarkably, CloneX has increased its total sale volume by over 180% in the last seven days.
A majority of the NFT investors have now realized the benefit of investing in teams with a successful track record for the long term. Takashi Murakami’s project catalyzed the community quest for its MNLTH NFT, airdropping tokens worth $22,135 to all CloneX holders. This move further illustrates the value of grail NFTs to many collectors and traders.
Given that nonfungible token liquidity is now conveniently pumping and circulating, it seems that the second quarter is here to blaze trails in NFT space. The NFT markets appear to be ignited by more mature NFT communities and investors compared to the 2021 Bull Run.
Upcoming NFT Projects Similar To BAYC
NFT projects have started realizing the value of intersecting culture, community, and commerce through the rapidly evolving NFT technology. Following the footsteps of BAYC, several projects have already explored a way to establish their brands.
On a short analysis from estranged collectors, many projects that have recently launched their NFT collections have paid close attention to building close-knit communities that hold convictions and ones that can utilize its platform to uplift their creative pursuits.
In that context, RTFKT Studios is a perfect example, allowing its community to showcase its creative abilities. The Takashi Murakami associates recently launched a platform that enables a creator to shine through Space Pod NFTs. This token enables owners to display their nonfungible tokens throughout the space.
Currently, SpacePods are worth $4.920.86 (1.65 Ether) and are open for customization, allowing the scout talents among their community. RTFKT projects also allow creators to produce and sell their creations to others within the community.
The floor price of CloneX currently stands at roughly 17.5 Ether ($52,237.50). By maintaining an average sale price of around 11.5 Ether, the NFT collectors and owners believe that RTFKT Studios will continue to deliver its services.
Yuga Labs, the team behind Bored Ape Yacht Club, recently announced the launch of its new metaverse project that will offer purchasable digital land known as MetaRPG.
This bullish news appeared the same week ApeDAO, a decentralized autonomous organization responsible for daily administration within the BAYC ecosystem, announced the adoption of its native coin, ApeCoin, as a utility currency in both the BAYC ecosystem and MetaRPG. ApeDAO also announced a $1.6 million airdrop to all BAYC NFTs owners.
Since the metaverse project will feature interoperability, it will not prevent the BAYC ecosystem holders from gaining virtual exposure. Arcade Land is a perfect example of a metaverse project with interoperability features.
Arcade Land has been the third leading project with a total NFT volume of approximately $23 million in the last seven days. Its average sale price increased 96%. Although it is unclear whether Arcade Land NFT price is just a pre-post reveal pump, it suggests that communities are searching for the most viable interoperable virtual world.
Meanwhile, the cheapest Arcade Land NFT sells at around 1 Ether ($3,291), and out of 10,000 items, there are over 5,700 unique wallets addresses.
It is now clear that many NFT investors are focusing their bid on utility, interoperability, and semblance of cultural relevance. Furthermore, it seems well-known artists outside the Web3 and NFTs are carving their space in the ecosystem and gaining the attention of art collectors and NFT collectors.
