Although it looks like OpenSea is keeping pace with January’s $5 billion total volume by generating over $1.3 billion in total volume in the last 7 days, the number of active users has decreased by more than 30% according to data from Dune Analytics.
Are we beginning to see a lull in trader activity as a sign of a impending market downturn or do investors and collectors take their business elsewhere?
The market’s closest competitor is LooksRare which has generated around $3.49 billion in the past 7 days, but ongoing washout issues have also reduced its active traders by 3%.
There are a few factors that could influence OpenSea’s overall decrease in volume and decline in active traders. After all, nothing lasts forever. However, the NFT market also does not fail to surprise.
Hape Prime snatched the top spot
Hape Prime, a collection of 8,200 cutting-edge 3D monkeys, entered the scene and took the top spot in the last 7 days for total trading volume. The project brought in over $13.6 million in total sales and made a good impression on investors. Whether that impression is good or bad is another story.
The collection even quickly reached but still managed to increase their total 7-day sales volume by nearly 80%. At the same time, other notable collections, including Azuki and CloneX, decreased their total volumes by at least 50%.
On January 31, Hape Prime’s daily average price was 9.17 Ether and has since fallen over 55% since the reveal, suggesting traders may have bought into the hype. An interesting fact to note is that there are nearly 6,000 unique owners.
Flickering Anticipation Impacts KaraFuru Price
Since its launch on February 4, KaraFuru has consistently maintained an average low of 4 Ether ($12,506.36) and the small collection of 5,555 has 4,000 owners according to data from cryptoslam.
Holders seem to be waiting for its reveal on February 10, which could explain why the daily average selling price has seen a recent spike.
☀️ KARAFURU REVEAL ☀️
Save the date because we are all finally going to meet our Karafurus!
• Thursday 15:00 UTC February 10, 2022
— Karafuru NFT (@KarafuruNFT) February 6, 2022
KaraFuru has generated over $44.8 million in total sales volume, with some community members sweeping the floor over beliefs the project has huge potential.
Drops, on drops, on drops for CloneX holders
CloneX coin ranks third in total sales, with the absolute price of an avatar being 10 Ether ($31,000). RTFKT Studios has dropped one NFT for each CloneX and Space Pod held by a collector.
RTFKT delivers on its parachuting season dropping holders of an MNTHL and Loot Pod NFT. The current floor price of MNTHL is nearly 5 Ether and has wobbled a bit as collectors have been advised that the Nike tagged NFT will not reveal itself until it is triggered.
info about DART X
and how it affects the reveal of MNLTH
→ The revelation is not based on a date, but triggers
→ Triggered by the community
→ Triggered by the blockchain.
The quest and hints will be given every week, if you, the RTFKT community, complete these missions,
the MNLTH will react
— RTFTK Studios (@RTFKTstudios) February 7, 2022
Between the MNLTH and Loot Pod NFTs, holders have essentially lost at least 6 Ether ($18,500) to the current low of each NFT. This does not take into account the price range, but it seems to be just the beginning with more opportunities for entrants to the ecosystem.
HypeBears Official is getting closer to the top
The HypeBears collection sold out on February 3, with no apparent public currency available and many hopefuls were very frustrated by the process. Hitting a HypeBear wasn’t cheap at 0.4 Ether ($1,240).
HypeBears seems to have caught traders’ attention with its rather vague but desirable roadmap touting 50% royalties, a potential governance token, and access to other top-notch projects.
As a self-proclaimed top-notch project, HypeBears has amassed over $40 million in total sales volume since its launch on February 2. As hot as his sales were, his contract revealed potential vulnerabilities and exploits for holders.
A word of warning on Hype Bears: the contract is safe to hit; you will not be drained. However, your bears may not be safe. Read on (it’s short, I promise) pic.twitter.com/nMMVUXb2xh
– quit (@0xQuit) February 2, 2022
Despite falling nearly 49% from its highest daily average sell price of 1.37 Ether, HypeBears briefly took Azuki’s place on the charts.
Azuki fell in total volume and average daily sales
Since its launch on January 11, Azuki has closed over $313 million in total volume according to OpenSea. In the last 7 days alone, it has generated over $33 million, but the average number of sales per day has dropped by almost 66%
Despite the decrease in average sales numbers and volume, Azuki has significantly increased its average sales price, increasing by approximately 40% in nearly a month. This suggests that many collectors are willing to pay handsomely to hold these anime-inspired NFTs,
OpenSea’s floor price chart shows that Azuki’s floor price has dropped slightly below the coveted 10 Ether mark, but on LooksRare buyers are happily shelling out at least 11 Ether per NFT.
By redeeming a $3,000 rebate for trade rewards, users choose to buy coins on LooksRare and may continue to hold their own against OpenSea.
It looks like new NFT collections are coming in full force and are determined to claim their place on the charts, knocking other top contenders out of their spot.
OpenSea clearly closed off a record start to the year, but are these kinds of gains sustainable as the market sees a drastic reduction in active traders and daily volume?
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.