The trading volume for Nonfungible Tokens (NFT) has increased over the past 24 hours as crypto markets tank taking floor prices of many top NFT collections along with it.
A long list of top NFT projects such as Bored Ape Yacht Club (BAYC), Mutant Ape yacht club(MAYC), Crypto Punks, and Sorare have all seen more than 100% increases in 24-hour trading volumes as investors look to snap up cheaper NFTs at cheap prices.
The data from Cryptoslam shows that eight out of the top 10 NFT projects in terms of 24-hour sales volume have seen at least a 115% increase, with only two falling below this mark. The two are Goblintown at 35.54% and Moonbirds at 64.11%.
With a sharp rise in sales over the past 24 hours, Yuga Labs' BAYC NFTs have taken center stage, accounting for $7.1 million worth of purchases and 262% in 24 hours.
Notably, the 2nd, 3rd, and 4th projects are MAYC, Otherdeed, and CryptoPunks respectively and they are all owned by Yuga Labs. MAYC's 173.49% surge resulted in $3.4 million worth of sales, Otherdeed's 157.88% surge resulted in $2.6 million worth of sales, and CryptoPunks' 122.69% surge resulted in $2.5 million worth of sales.
The huge increase in trading volume over the past 24 hours is clearly being felt on OpenSea, with DappRadar data showing that this has led to a 173.43% gain for their platform and $23.88 worth of sales.
But with the number of traders on their platform decreasing by 15.39% to 29,300 within that same time frame, it is clear that only a small group with deep pockets are active at this time.
It also shows that even as projects such as the BAYC and CryptoPunks have seen their floor prices drop to 82.5 Ether (ETH), or $96,700 and 47 ETH respectively – people are still buying up assets above those floors.