OpenSea is set to keep on track with its records in January by generating a total volume of more than $5 billion. The company has generated $ 1.3 billion in the last seven days. Still, the number of users actively trading on the platform has decreased by almost 30%, according to an analysis from Dune Analytics.
Crypto enthusiasts have taken to social media and other crypto platforms to speculate the reason for this major change in OpenSea. Some claim that this is an inevitable market pullback, while others believe the value of NFTs has not budged rather, it’s that market activity is happening somewhere else.
Take the example of LooksRare, OpenSea’s closest rival, which has generated around $3.49 billion in the last seven days and has seen a surge of revenue even with a slight decrease of active traders by 3%.
A shift from one marketplace to another may explain the reduced amount of active traders in OpenSea. Some crypto experts claim that the massive rollout of many NFT collections can over-saturate the market, even in the short-term, because there are only so many NFT transactions that can happen based on many collectors’ limited budgets and interests.
Hape Prime Takes The Top Spot
Hape Prime is a collection of more than 8000 3D digital apes that have entered the NFT world and reached the top spot for transactions in the last seven days. The project has earned $13.6 million in revenue and has made a stark impression on investors.
Whether the impression is positive or not is yet to be determined since the Hape Prime collection has seen some controversy. The apes were part of many memes on social media, and many crypto circles hyped the collection’s launch only to see a 55% fall in value since the launch on the 31st of January.
That may suggest that the collection may have been over-priced due to the craze around it and not so much because of its artistic merit. It’s interesting to note that the collection has almost 6,000 unique owners, which makes it different from other non-fungible token collections where fewer people buy the majority of the collection.
The decrease in volume for Hape Prime is not unique to them. Other notable collections, such as the Azuki and CloneX, have seen a decrease in volume that has reached 50% at worst.
KaraFuru’s Upcoming Reveal Sparks Anticipation
Another notable NFT collection is KaraFuru which has consistently maintained its price of around four ether or around $12,500. The collection is small with only 5,555 non-fungible tokens but is owned by around 4000 owners.
Holders of the collection and crypto enthusiasts are eagerly awaiting the announcement that is set to happen on the 10th of February, which will potentially reveal more NFTs being added to the collection. This could explain the slight raise in daily average prices for the collection.
KaraFuru’s may be a small collection, but the revenue they’ve generated is anything but minor. KaraFuru’s has generated almost $45 million in total sales and has successfully proven experts right with their expectations of the project having “huge potential.”
Airdrops For CloneX Owners
CloneX’s current price is around 10 Ether or $31 000, making it third in total sales. RTFKT studios have “airdropped” one NFTfor each Space Pod and CloneX in possession of collectors.
RFTKT’s airdrop season includes the MNTHL and Loot Pod NFTs with prices around 5 Ether to 6 Ether with some fluctuations due to the market’s natural volatility. One additional reason is that collectors have received a warning that the Nike-market NFT will only be revealed once it’s triggered.
HypeBears Is Reaching For The Top
HypeBears is a self-proclaimed blue-chip project that offers 50$ royalties and a promising governance token. The roadmap and details may be a bit vague, but that hasn’t stopped the desire for many investors to become part of the HypeBears club.
The HypeBears collection was rolled out on the 2nd of February and sold out by the 3rd of February, with the beginning price for minting at around 0.4 Ether ($1,240).
HypeBears price has been fluctuating by a lot, beginning at 0.4 Ether, it swiftly spiked until at one point in overtook Azuki’s price. The climb did not last long, and HypeBears have currently dropped their value by 49% compared to their peak.
Nevertheless, no matter the current price, one can not ignore the $40 million in total sales volume that the NFT collection has generated in those few days.
Azuki Experiences A Drop-In Volume And Sales
The Azuki anime-inspired NFT collection is a behemoth in the OpenSea marketplace. The collection has earned more than $310 million in total volume, with $33 million in revenue for the last seven days. The earnings are massive even though Azuki has experienced a drop in sales by nearly 65% since its peak.
Many crypto experts have commented that the decrease in sales is not a concern, especially when the average price for which one NFT from the collection is sold has been steadily increasing. This suggests that market fluctuations have not affected Azuki and investors are confident in the collection’s artistic and market value.
The price for Azuki is not the same in every marketplace, and there are some variations depending on the platform. For example, in OpenSea, it has dipped slightly below 10 Ether, while on LooksRare, it has remained 11 Ether for a single NFT.
NFT is the new craze of the internet, and many new collections are entering the marketplace daily. Once a collection comes around, there’s usually a lot of hype surrounding it, followed by endorsement from crypto experts and a very public social media campaign.
Many collections earn a lot of revenue and see a huge rise in prices in the initial stages but unfortunately fail to maintain the popularity surrounding their NFTs and fall from grace.
The collections remain with steady prices, despite the reduced volume of active traders in some platforms actively fighting for the top.
