NFT projects thrive even as OpenSea trading volumes take a hit
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)
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.
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’ 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 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.
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 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.
Created by Sartoshi, a play on the mysterious Satoshi Nakomoto, Mfers climbed its way to the third spot for total volume. Amassing a growth of nearly 66% in total volume in the last seven days, Mfers floor prices topped 5.84 Ether ($15,330).
These right-facing, slouching, stick Mfers are meme-inspired and created. The ethos of the Mfers seems to have recently triggered something within the sector, as the average sale price increased by 43% at one point in the seven days.
Out of a total supply of 10,000 Mfers in the collection, there are approximately 5,100 unique holders. Currently, at 4 Ether ($10,950.08), the floor price has increased by nearly 81% in the last seven days.
Investors are taking pride that their investment will provide them all the creative freedom since Mfers hold creative commons zero (CC0) meaning, no rights reserved, and owners are enabled to build upon them. CryptoPunk owners encountered blistering issues with their intellectual property (IP) rights, which is why some see the Mfers proof-of-profile (PFP) as a symbol for the culture
Related: OpenSea monthly volumes top $5B as NFTs continue to mainstream
Speaking of culture, another cat collection has made its way to the scene. Tubby Cats has entered space and reaffirmed the love people have for cats. Tubby Cats by the Tubby collective is a collection of 20,000 anime-inspired cats.
Since its whitelist launch on Feb. 21, 2021, the collection has already amassed 9,000 unique holders and generated over $20.7 million in total volume
Tubby Cats is not a completely randomly generated collection; instead, each tubby cat is generated from 120 various themed palettes on which the rarity is based.
The Tubby Cat collection seems to have gained the attention and hearts of Crypto Twitter influencers as the collection has slid it’s way to the number four spot in total sales volume.
Although it has long ways to grow before its Cool Cats status, Tubby Cats is already making an impression with collectors of other projects. Tubby Cats may be the most recent feline-inspired project to purr their way to the sector, but it isn’t the last.
CatBlox Genesis Collection
It may have clawed its way to the fifth spot, but CatBlox Genesis collection is 10,000 cute and pudgy cats living in none other than CatBlox. Launched on Feb. 17, there are already 5,400 unique holders out of 10,000 and the average sale price has increased by nearly 50% in the last seven days.
CatBlox has since announced its partnership with athletic footwear brand, Puma to further itself with its health and wellness initiatives in place on its roadmap. While it still isn’t clear what the partnership with Puma entails, Puma is gearing itself for Web3. Puma has since changed its domain handle on Twitter to reflect “Puma.eth.” Apparently, the feline brand purchased other cat-like collections including CoolCats, Lazy Lions and Gutter Cat Gang.
Understanding the impact of strong collaboration, CatBlox collection uniquely factors in distinct functionality with each collaboration.
Generating over $15.1 million in total volume so far, CatBlox is making a statement with its stealth reveal and latest announcement.
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