While OpenSea appears to have kept pace with the $5 billion total for January, having made more than $1.3 billion in the past seven days, its active users are down more than 30%, according to Dune Analytics.
Are we beginning to see a halt in trading activity as a sign of an imminent downturn in the market, or are investors and traders shifting their trading activity elsewhere?
Daily Active Users of OpenSea. Source: Dune Analytics.
The closest competitor in the market, LooksRare, has earned about $3.49 billion over the past seven days, but persistent laundry problems have also reduced the number of active retailers by 3%.
There are several factors that could contribute to the general drop in OpenSea volume and the disruption of active traders. After all, nothing lasts forever. However, the NFT market never ceases to amaze.
Hape Prime took first place
Hape Prime, a group of 8,200 modern 3D monkeys, has taken the stage and ranked first in the last 7 days in terms of total transactions. The project totaled more than $13.6 million in sales and made a great impression on investors. The other thing is whether this impression is good or bad.
The group achieved meme status quickly but managed to increase their total sales by almost 80% in 7 days. During the same period, other notable groups, including Azuki and CloneX, reduced their overall volumes by at least 50%.
Hape Prime averaged 9.17 ETH daily price on January 31 and has since fallen more than 55% since the exposure, suggesting that traders may have bought into the hype. It is interesting to note that there are approximately 6000 unique owners.
Average price and volume for a 14-day Hape Beast. Source: openea
Volatile forecasts affect the price of Caravoro
Since its launch on February 4, KaraFuru has regularly maintained an average of 4 layers of Ether ($1,2506.36) on average, with a small group of 5,555 holding 4,000 owners, according to Cryptoslam data.
It appears that the owners are waiting for the February 10 announcement, which may be the reason for the high average daily selling price lately.
Caraforu has grossed over $44.8 million in sales, and some in the community believe the project has great potential.
Drops, drops, drops for CloneX holders
CloneX Currency ranks third in terms of total sales, with a record price per avatar of 10 Ether ($31,000). RTFKT Studios has sent an NFT for every CloneX and Space Pod owned by a collector.
CloneX average price/volume all time: OpenSea
RTFKT ends airdrop season by giving away MNTHL and Loot Pod NFTs to their holders. The current floor price of MNTHL is around 5 ether and has fluctuated slightly as collectors have been told that the Nike-branded NFT will not be revealed until activated.
Between the MNLTH NFT and the Loot Pod, holders lost at least 6 ether ($18,500) on the current floor of each NFT. This does not take into account the price range, but it seems that this is just the beginning of great opportunities for participants in the ecosystem.
HypeBears official is close to the top
The HypeBears set sold out on February 3 with no apparent public currency, and many applicants were very frustrated with the process. Impressing HypeBear didn’t come cheap at 0.4 ether ($1,240).
HypeBears appears to have grabbed the attention of traders with its vague but desirable roadmap that shows 50% royalties, a potential benchmark and accessibility for other excellent projects.
As a self-declared venture, HypeBears has raised more than $40 million in total sales since its launch on February 2nd. As was the sale, the contract revealed weaknesses and potential exploits for the owners.
Despite a drop of nearly 49% from the highest average daily selling price of 1.37 ether, the short Azuki HypeBears has made it to the lists.
Azuki’s total volume and average daily sales decreased
Since its launch on January 11, Azuki has closed more than $313 million in total volume, according to OpenSea. In the past seven days alone, it brought in more than $33 million, but the average number of sales per day is down nearly 66%.
Seven-day average price/volume: OpenSea Azuki
Despite the decrease in average sales and volume, Azuki increased its average sales price significantly, up around 40% in about a month. This indicates that many collectors are willing to pay good money to maintain their cartoon-inspired NFTs.
The OpenSea floor graph shows that the price of the Azuki floor has fallen slightly below the brand’s coveted 10 Ether, but at LooksRare, buyers are happy to put up at least 11 Ether for NFTs.