In May 2021, OpenSea closed out nearly $140 million in total volume. Fast forward a year and the most dominant nonfungible token (NFT) marketplace closed over $880 million in less than a week partially because of the Yuga Labs’ The Otherside mint. As a result of this mint, a fresh surge of liquidity was injected into the NFT ecosystem and as it stands the current NFT total market capitalization is over $19.4 billion.
NFT market capitalization and volume. Source: NFTgo
For the past two weeks, most of the market had seen little action, but this changed after the Otherside mint closed over $317 million in just three hours.
These widely unique, randomly sorted parcels of land have amassed over 194,000 Ether (ETH) ($536,137,000) and to the surprise of many, Yuga Labs has begun refunding those lost to the predictable gas wars that burned over $100 million worth of Ether. Some holders also touted airdropped assets valued at over $930,000.
The price of NFTs may have taken a slight slumber, with many NFT traders charting impending doom for projects with low volume, but the liquidity created by the Otherside sale appears to be having the opposite effect.
Investors are no longer fading blue-chip NFTs
Outside of the Bored Ape Yacht Club (BAYC) and the Mutant Ape Yacht Club (MAYC), blue-chip tier NFTs like Doodles, Azuki, CloneX and Meebits have seen some notable increases in volume in the last seven days.
Meebits saw a nearly 167% increase in total sales volume and a 19% increase in the average sale price after Yuga Labs announced plans to develop the Metaverse utility for Meebits.
Meebits 7- day average volume and price. Source: OpenSea
Meebits’ volume began to simmer at the end of April and saw a surge since the start of May. The average sales price has increased by 15% and volume increased over 65% in the last seven days.
Azuki 7-day average volume and price. Source: OpenSea
It appears NFT traders who have left certain NFT ecosystems are taking their profits and investing back into upgrading their collection…