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NFT Pricing Isn’t Working Right As OpenSea’s Daily Active User Volume Drops 30% In A Week



While it appears that OpenSea is keeping up with its $5 billion total volume in January by generating more than $1.3 billion in total volume in the past 7 days, according to data from Dune Analytics, the number of active users has increased by more than $1.3 billion. 30% down. see a break in trading activity as a sign of an impending market downturn or are investors and collectors taking their trading activities elsewhere? OpenSea daily active users. Source: Dune Analytics The market’s biggest competitor, LooksRare has generated approximately $3.49 billion in the past 7 days, but ongoing issues with wash trading have also reduced the number of active traders by 3%. influencing OpenSea’s overall volume decline and drop-off among active traders. After all, nothing lasts forever. But the NFT market is not surprising either. Hape Prime took first placeHape Prime, a collection of 8,200 3D fashion-forward monkeys, entered the scene and took first place in total traded volume for the first 7 days. The project has generated total revenue of over $13.6 million and has made quite an impression on investors. Whether this impression was good or bad is another story. The collection quickly reached meme status, but still managed to increase its total 7-day sales by nearly 80%. At the same time, other notable collections, including Azuki and CloneX, dropped their total volumes by at least 50%. As of January 31, Hape Prime’s daily average price was 9.17 Ether and has since fallen more than 55% since its unveiling, suggesting traders may have bought into the hype. An interesting fact to note is that there are nearly 6,000 unique owners. Hape Beast 14-day average price and volume. Source: OpenSeaWavering Anticipation Affects KaraFuru’s Price Since its launch on Feb. 4, KaraFuru has steadily maintained an average Ether floor of 4 ($12,506.36) and the small pool of 5,555 has 4,000 owners according to cryptoslam data. Holders appear to be waiting for the Feb. 10 disclosure, which could be why the daily average selling price has risen recently. ☀️ KARAFURU REVELATION ☀️Save the date, because we will all finally meet our Karafurus!• Thursday 15:00 UTC February 10, 2022 LFG FURUS #KarafuruNFT pic.twitter.com/JTmUPKeukB— Karafuru NFT (@KarafuruNFT) February 6, 2022 KaraFuru has more then A total sales volume of $44.8 million, with some in the community sweeping the floor over the belief that the project has huge potential. Drops, upon drops, upon drops for CloneX holders CloneX currency ranks third in total sales, with the price of one avatar always being 10 Ether ($31,000). RTFKT studios have broadcast one NFT for every CloneX and Space Pod held by a collector. CloneX all-time average price/volume: OpenSeaRTFKT delivers on its airdrop season by dropping holders a MNTHL and Loot Pod NFTs. The current floor price of MNTHL is close to 5 Ether and has been a bit hesitant as collectors have been informed that the Nike-marked NFT will not reveal itself until it is activated. info on DART X and how it affects the MNLTH disclosure → Disclosure is not based on a date, but triggers → Triggered by the community → Triggered by the blockchain. Quest and clues will be given weekly, if you, the RTFKT community, completing missions, the MNLTH will respond ‍— RTFKT Studios (@RTFKTstudios) Feb 7, 2022 Between the MNLTH and Loot Pod NFTs, holders were essentially dropped at least 6 Ether ($18,500) at the current bottom of any NFT. This doesn’t explain the price range, but it seems like this is just the start of more opportunities for newcomers to the ecosystem. HypeBears Official Claws Way Closer to the Top The HypeBears collection sold out on Feb. 3, with no apparent public currency available and many hopefuls were very frustrated with the process. Hitting a HypeBear was not cheap at 0.4 Ether ($1,240). HypeBears seems to have caught the attention of traders with its rather vague but desirable roadmap attracting 50% royalties, a future governance token and access to other blue chip projects. As a self-proclaimed blue-chip-driven project, HypeBears has amassed a total of more than $40 million in sales volume since its launch on February 2. As high as sales were, the contract revealed vulnerabilities and potential exploits for holders. on Hype Bears: the contract is safe to mint; you don’t get exhausted. However, your bears may not be safe. Read on (this is short, I promise) pic.twitter.com/nMMVUXb2xh — stop (@0xQuit) Feb 2, 2022 Despite a nearly 49% drop from its highest daily average selling price of 1.37 Ether, HypeBears took just the place of Azuki in the charts. Azuki dropped in total volume and average daily sales Since its launch on January 11, Azuki has sold more than $313 million in total, according to OpenSea. It generated over $33 million in the past 7 days alone, but the average number of sales per day has fallen by almost 66%. selling price significantly, up about 40% in almost a month. This suggests that many collectors are willing to pay big bucks to keep these anime-inspired NFTs. OpenSea’s bottom price chart shows Azuki’s bottom price has fallen slightly below the coveted 10 Ether mark, but on LooksRare, buyers are happy to buy at least 11 Ether per NFT. By redeeming a $3,000 discount for trading rewards, users choose to buy pieces on LooksRare, and maybe hold their own against OpenSea. It looks like new NFT collections are rolling in full force and determined to claim their spot on the charts, knocking other top contenders out of their seats. OpenSea has clearly capped off a record-breaking start to the new year, but are these kinds of gains sustainable when the market sees a drastic reduction in active traders and daily volume? The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risks, you should do your own research when making a decision.
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