The NFT bull run shows signs of continuing in Q2 2022 as OpenSea trading volume hit a new 24 hour record high in Ethereum on May 1st.
The OpenSea daily volume hit over $476 million worth of ETH traded on Sunday May 1st, a new OpenSea all time record according to Dune.com analytics.
That followed on from a 40% rise in ETH trading volume for NFTs in April 2022, reaching almost $3.5 billion last month compared to $2.5 billion in March.
OpenSea Daily Volume Record
May 1st was the day Otherdeed for Otherside NFTs launched on OpenSea, virtual land in the Bored Apes metaverse.
Demand for those was high and their marketcap hit over 350,000 ETH within 24 hours, placing them within the top 5 largest NFT collections.
New investors may join the NFT bull run may now as yesterday Elon Musk changed his profile picture on Twitter to a collage of BAYC NFTs. That led to a 13% pump in ApeCoin (APE).
There has also been a surge in interest for Ethereum Name Service NFTs (ENS domains). ENS NFT trading volume has risen 2000% in the past week.
Bitcoin and Ethereum rallied 5-6% following the Wednesday FOMC meeting as the crypto markets reacted positively to announcements by the Fed of a 50 basis point rise in interest rates.
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