NFT Sales Doubled: OK But Why?

The cryptocurrency market, which has devastated investors in recent days, has shown the lowest levels we have seen in many cryptocurrencies in a long time. While the value of Bitcoin has even dropped below $21,000, the total volume of the cryptocurrency market is also for the first time in a long time. under $1 trillion landed. On the other hand, this decline in the market had the opposite effect in a completely different market.

After the sharp decline in the crypto money market led by Bitcoin, the prices of NFT collections also saw the bottom. With the market value of the collectibles plummeting due to the falling value of cryptocurrencies, it has been seen that many investors are turning to NFTs. So much so that the trading volumes of popular NFT collections are It has more than doubled in the last 24 hours.

NFT collections prices drop, sales increase

According to CryptoSlam data, trading volume on many popular NFT collections such as Bored Ape Yacht Club, Mutant Ape Yacht Club, Otherdeed, CryptoPunks, CloneX and Sorare has more than doubled. The biggest increase In Bored Ape Yacht Club with a rate of 262.79% seen. Mutant Ape Yacht Club followed this collection with 173.49%.

Data from DappRadar, on the other hand, showed that OpenSea is one of the platforms that made the most profit from the increased transaction volume in the last 24 hours. According to the data, in OpenSea, in total in the last 24 hours $23.88 million in sales and trading volume increased by 173.43%. Despite this increase, the number of investors decreased by 15.39%.

• This content is not investment advice.