Matt Williams
Opensea NFT trading volume is rising in the second quarter of 2022, with April volume hitting $3.2 billion, an almost 30% increase on March.
That April monthly volume is also higher than every month in 2021 with the exception of August. With a few days left in April, this month’s Opensea volume is not far behind August 2021 or February 2022.
Update – April ended with just under $3.5 billion in volume, a 40% gain on March. View the Dune Analytics Opensea volume data.
Opensea NFT Volume
The recent increase in NFT trading activity suggests earlier speculation that ‘NFTs are dead’ or investors were losing interest in them based on Google search trends for NFT keywords declining, was not accurate.
For example Yahoo Finance noted after March that NFT trading volume was lower for a second consecutive month following the all time high set in January 2022.
That may have been related to Bitcoin having crashed to $33,000 and Ethereum to $2,100 in late January and not gaining much traction until mid March. As of the end of April they have recovered to over $39,000 and $2,800.
Any effect the crypto markets may have had on the NFT markets then however now appears to have subsided and non-fungible tokens are outperforming crypto.
Several of the most successful NFT collections such as the Bored Ape Yacht Club, other Yuga Labs projects the Mutant Apes and Kennel Club, and Doodles have hit new all time highs.
There has been some concern only blue chip NFTs are appreciating in value however relatively new NFT projects such as Azuki and Moonbirds have achieved high valuations in short spaces of time – Azuki launching in mid January and Moonbirds in mid April.
NFTs with low floor prices under 0.1 ETH such as Sorare NFTs have also been increasing in trading volume and price. Sorare recently broke into the top 100 NFTs by market cap and hit 50 ETH in trading volume on Opensea.
It’s possible the Opensea trading volume will set new all time highs in 2022, with recent bullish news such as Yuga Labs’ Otherside Metaverse being set to launch on April 30th and crypto proponent Elon Musk taking over ownership of Twitter. The Opensea volume in January 2022 was $4.9 billion.
The crypto assets with the highest gains in recent weeks have also been NFT coins such as APE and GMT – cryptos with some role as governance tokens in metaverse or play to earn projects related to NFTs. Investing in those is a viable alternative to buying NFTs.
In late April coin tracking site Coingecko released an NFT market analysis report based on survey data.
NFT Articles
Cryptoassets are a highly volatile unregulated investment product.
This article was written for Business 2 Community by Matt Williams.
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