NFT projects thrive even as OpenSea trading volumes take a hit

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Despite a number of attempted vampire attacks, nonfungible tokens (NFTs) continue to have a strong run on OpenSea, with the number of unique users and transactions increasing. However, the NFT market’s overall volume is falling behind last month’s figure of nearly $3 billion. 

While there are NFT projects readying to hit the secondary market, it seems the sector, as a whole, is navigating the next move regarding utility and the integration of NFTs in the metaverse. Adding to this, global political uncertainties are also having a noticeable impact on market environments.

Ether (ETH) price has decreased by nearly 16% in the last seven days, and since most NFT projects are on the Ethereum network, NFT collectors tend to remain unphased, shopping for NFTs at a bargain. For an NFT collection, Azuki made a considerable impact in the last 30-days, amassing over 80,000 Ether ($209,100,216) and have knocked blue-chip collections like Bored Ape Yacht Club (BAYC) and Crypto Punks from their top spots. Similarly, Invisible Friends’ launch on Feb. 23, has already reeled in over $23.1 million with a floor price of 8.95 Ether ($22,010.74)

Azuki 30-day average price / volume. Source: OpenSea

It is not just new entrants rotating collections from their top spots in total volume, older projects are resurging as the market environment sorts out shaky conditions. 

Here is the state of the current NFT market as we enter the end of Q1.

3Landers NFT

Surprising the market with its underwhelming yet charming appeal and relatability to Doodles meets The Simpsons, 3Landers slides into the number one spot for total volume, amassing over 11,000 Ether ($28,666,000) since hitting the secondary market on Feb.19. 

3Landers all-time average price / volume. Source: OpenSea

3Landers’ average sale price has increased 63% in the last seven days and is one of the few projects whose floors continue to increase post reveal, now sitting at a thin 1.55 Ether ($4.056.35.) 

Generated on the Ethereum blockchain, 3Landers describes itself as a “…NFT project centered around community, adventure and collaboration.” Perhaps it is the positivity collectors need in light of recent events.

As a community-centered project, 3Landers will rely on the talents, commitments and unity of its community to lead where the project may expand to.

While some NFT projects are community-centered in value sharing, others are exploring uncharted territory building out digital sovereign nations.

NFT Worlds

NFT Worlds is built with the metaverse in mind and at its center. Each of the 10,000 NFT Worlds is explorable and unique with the capacity to build on. Also, it touts being compatible with none other than the sandbox game, Minecraft. 

NFT Worlds saw a boost in growth in the last seven days reaching a floor price of nearly 18 Ether.

NFT Worlds 7-day floor price. Source: NFT Price Floor

In the last 30-days, NFT Worlds has generated over $42.3 million in volume, bringing about half that amount in the last seven days alone at $21.3 million.

NFT Worlds 7-day average price / volume. Source: OpenSea

NFT Worlds seems to attract Web3 advocates and developers granting decentralization and APIs. As digital land with a high cost of entry, NFT Worlds is integrating a rental system later this year, allowing owners to rent out their worlds in exchange for a monthly fee of its in-game currency, WRLD. 

Operating on the Polygon network, WRLD will have a reward faucet for creators who meet the criteria and are seeking to integrate a play-to-earn (P2E) game using the token.

It seems investors are heavily valuing open-source and interoperable features as good positions for the next phase of the metaverse.