Is the surge in OpenSea volume and blue-chip NFT sales an early sign of an NFT bull market?
In the last two months, OpenSea began to cool down from its New Year's bull run and many NFT pundits began to speculate about the beginning of a bear market once sales took a slight downward trend after closing out a record-breaking $5 billion in total volume sales in January.
However, for the last 7 days the total total sales volume has already exceeded the $1 billion mark and just a week into April, it seems the NFT markets are waking up to a surgence of blue chip caliber projects. Cue the “Spring Awakening.”
Traders searching for the next Bored Ape Yacht Club (BAYC) project have patiently waited for another project to come in with the same force and brand equity. Some top contenders have been emerging. Azuki Zen, revealed on Jan. 21, has amassed over $574.6 million in total volume and RTFKT Studios’ CloneX x Takashi Murakami, have accumulated over $546.7 million. In the last 7 days alone, CloneX has increased its total sales volume by over 180%.
NFT investors are coming to understand the benefit of investing for the long-term with teams that have delivered. RTFKT studios catalyzed the community collective quest-solving for its MNLTH NFT, airdropped to all CloneX holders valued at $22,135. As such, for those who held their MNLTH were essentially airdropped over $22,000 simply for being a CloneX holder. This further illustrates collectors and traders the value in grail NFTs.
Now that liquidity is pumping and circulating, it seems Q2 is here to blaze trails and the NFT markets appear to be ignited by more mature NFT communities and investors.
NFT projects are beginning to understand the value of intersecting culture, community and commerce through what BAYC cultivated, and many have explored ways to establish their own.
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