Given the crypto market’s general decline and the reduction of the minimum NFT value from major collections, the trading volume of non-fungible tokens increased sharply.
On Monday, June 13, the daily trading volume of non-fungible tokens (NFTs) increased by more than 100%. As of Tuesday, June 14, trading was up another 20%, but the overall numbers are no longer as impressive.
According to CryptoSlam, on Monday, eight of the top ten NFT collections in sales volume showed an increase in trading turnover of at least 115%. Only Goblintown (35%) and Moonbirds (64%) collections generated more moderate interest. Those that generated the most excitement were:
- Bored Ape Yacht Club (BAYC) — 262%;
- Doodles — 193%;
- Mutant Ape Yacht Club (MAYC) — 173%.
DappRadar reports that the largest burst of trading activity was observed on OpenSea, where the trading volume rose by 173% to nearly $24 million on Monday. The growth in demand occurred against the background of a decline in the value of the largest NFT collections’ tokens. The drop in prices can be assessed on the example of Bored Ape Yacht Club and CryptoPunks collections. The minimum value of their tokens fell from 153 to 74 ETH and from 123 to 48 ETH, respectively.
The sentiment of NFT buyers was clearly reflected in a recent DEXterlab survey. The analysts surveyed more than 1,300 users on Twitter regarding their buying habits in the context of NFTs. The survey was conducted in late May and early June. The results showed that almost 64% of respondents bought NFTs in order to make a profit, but in practice, only 42% of them were able to earn money.
Recall that according to Google Trends, investor interest in non-fungible tokens (NFTs) renewed its minimum in May 2022. Quotes of large NFT collections began to fall in the first half of May; for example, NFTs from the Bored Ape Yacht Club collection lost almost a quarter of their value in the first two weeks of the month.
