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NFT transactions increase when market and floor prices fall

NFT transactions increase when market and floor prices fall

As the floor prices of several popular NFT collections go down, 24-hour trading volume has gone up by at least 115% in eight of the top ten NFT projects.

In the last 24 hours, as crypto markets have crashed, so have the floor values of several popular NFT collections. This has led to more trades of nonfungible tokens (NFTs).

Many of the best NFT projects, like Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Crypto Punks, and Sorare, have seen their 24-hour trading volumes go up by more than 100% as investors look for cheaper NFTs as floor prices go down.

According to data from CryptoSlam, eight of the top ten NFT projects in terms of 24-hour sales volume have seen at least a 115 percent rise in trading volume, with Goblintown and Moonbirds being the only ones to fall short at 35.54 percent and 64.11 percent, respectively.

The BAYC NFTs from Yuga Labs are the most popular. They have grown by 262.79 percent in the last 24 hours, which has led to $7.1 million in sales.

Notably, Yuga Labs also owns the three highest-ranked projects. MAYC, Otherdeed, and CryptoPunks all reported increases in 24-hour trading volume of 173.49 percent, 157.88 percent, and 122.69 percent, respectively, which added up to $3.4 million, $2.6 million, and $2.5 million in sales.

DappRadar data also shows that the OpenSea marketplace has benefited the most from the rise in trading activity in the last 24 hours, with a 173.43% rise in trading volume and a total of $23.88 million in sales.

During the same time period, however, the number of traders on the platform dropped by 15.39 percent, to 29,300. This shows that only a small number of investors with a lot of money are making moves.

Related: How to make it through the crypto winter: a plan for the bear market in community shares

Even though the floor prices of projects like BAYC and CryptoPunks have dropped from their all-time highs of 153.70 ETH and 123 ETH to 82.5 Ether (ETH), or $96,700, and 47 ETH, or $54,800, respectively, at the time of writing, investors are still buying up assets above the floors.

At the current exchange rate, CryptoPunks #8620 and #5690 sold for 275 ETH each, or $327,000. BAYC NFTs #393 and #3441 sold for 118 ETH each, or $140,000, and 105 ETH each, or $124,000.

About Humano

He is a freelance writer based in Turkey. He loves NFTs, football, film and technology.

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