Art merchants were thrilled by the recent NFT craze that occurred earlier this year, to which it would be safe to assume that they now obtained the overall picture of trade volumes on the OpenSea platform.
It is also notable how the non-fungible token (NFT) trading is rising exponentially from the beginning of the year. In hindsight, the NFT exploded into public awareness with frenzied reports in art dealer gasps and mainstream media. Without a doubt, this frenzy boosted market activities among traders.
In the most recent findings of crypto intelligence company Coin Metrics, the total amount of OpenSea sale transactions, the biggest NFT marketplace, reached a daily rate of 60,000 in the past few weeks. This is almost eight times March’s highest peak. The increase is further affirmed by the DappRadar, asserting that the OpenSea’s trade volume was reported to be $1.22 billion in the last 30 days, a 933 percent growth over the past 30 days.
NFT’s exponential rise
Such rapid profit increase only indicates promise. It means that the hysteria caused when the artist Beeple sold $69 million overall daily sales on a piece at Christie’s was just a sample of the industry’s promising future.
Coin Metrics further stated that “if NFTs gained as much outside interest and retained its unwavering momentum as they have done at the start of the year, it could lead to more victories and anticipated booms in the future.”
Recent reports have also shown that the sales of NFT collections such as Pudgy Penguins, Bored Ape Yacht Club, and CryptoPunk, fueled the most recent boom. Meanwhile, it can also be observed how the global Google search traffic is still amongst in the lowest rank than it was in March.
Moving forward, the method of going with the flow and using the trends is a complex challenge among BTC traders. This is because the NFT’s market has a chicken-and-egg problem regarding how it impacts Ether’s price (Ethereum, +3.26 percent), which is the Ethereum blockchain’s traditionally used cryptocurrency. Ether also houses the majority of the NFT ecosystems.
Ether’s value has more than quadrupled this year when compared to bitcoin, and it exceeds the two-and-a-half-year high just this Tuesday. Bitcoin, which has gained 90% this year, fell to $55,625.
Because NFTs are often priced in ETH cryptocurrency, a rapid increase in ETH price may discourage new participants into the NFT marketplaces, according to substantial recent studies on the field. Higher NFT sales, on the other hand, may help draw new users to Ethereum.
The Coin Market Market’s data feed continually provides access to real-time and historical data from over 30 of the world’s significant spots and derivatives on cryptocurrency exchanges. It includes most market data types, such as quotations, tick-by-tick transactions, snapshots of order books, candles, and more.
They made a statement on their observation of OpenSea sales and ether, claiming that it rose in lockstep in March and throughout the current NFT boom. They had also mentioned that there are times during May when the ETH price reached new peaks while OpenSea’s NFT sales plummeted.
