As the ceiling prices of several prominent NFT compilations fall, eight of the top ten NFT ventures have seen at least a 115 percent rise in 24-hour trading activity.
The volume of NFT trade has increased in the last 24 hours as crypto markets have plummeted, causing the baseline prices of several prominent NFT holdings to plummet as well.
Top NFT initiatives such as Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Crypto Punks, and Sorare have all seen more than 100% jumps in 24-hour trading activity as firms prefer out lower NFTs as floor prices fall.
Yuga Labs’ BAYC NFTs are in the first place, with a 262.79 percent increase in the last 24 hours, accounting for $7.1 million in revenue.
MAYC, Otherdeed, and CryptoPunks are all Yuga Labs ventures, with 173.49 percent, 157.88 percent, and 122.69 percent increases in 24-hour trading activity, representing $3.4 million, $2.6 million, and $2.5 million in revenue, correspondingly.
DappRadar data indicates that the OpenSea trade has benefited the most from the rising trade volume in the last 24 hours, with the network registering a 173.43 percent rise in trading activity and $23.88 million in profit.
During the same period, though, the number of investors on the network declined by 15.39 percent to 29,300.
It’s also important to note that, even though floor pricing for projects like the BAYC and CryptoPunks have dropped to 82.5 ETH ($96,700) and 47 ETH ($54,800), respectively, from across all peaks of 153.70 ETH and 123 ETH, investors are still buying up properties above the levels.
CryptoPunks #8620 and #5690 sold for 275 ETH each ($327,000 at current rates), while BAYC NFTs #393 and #3441 sold for 118 ETH ($140,000) and 105 ETH ($124,000) respectively in the last 24 hours.
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