The NFT rave is still in full motion. OpenSea reports show that dozens of NFT collections have generated hundreds of millions of dollars this year alone. Blue-chip NFTs like the Cryptopunks and Bored Ape Yacht Club have skyrocketed in value. And they’re still being pumped. Visit at: bitvestment.me
The NFT space is a nascent crypto ecosystem that exploded in 2021. To the surprise of many crypto critics, this niche has continued expanding, with a few tokens retaining their high valuations. The rapid launch of various NFT projects in the past 12 months has people wondering how this ecosystem thrives.
Today, NFTs are some of the most relevant crypto projects globally. OpenSea’s report corroborates this claim.
High Valuation of Mainstream NFTs
Every month, OpenSea measures the value of nonfungible tokens. According to January’s report, which was released in the first week of February, the total value of the total NFTs on the platform has surpassed $5 billion. OpenSea reckons that a substantial part of this amount is from the mainstream, also called blue-chip NFTs. From mid-January to early February, projects like Mutant Ape Yacht Club, Bored Ape Yacht Club, Azuki, and CloneX saw significant market prices and accumulated sales volume. Based on OpenSea’s data, these four projects have rallied over $360 million in value.
Since the start of the year, the general crypto market has plunged into the red abyss, rising back, only to return to the bloodbath. In short, the crypto market has not been pleasant for active traders and users. However, non-fungible tokens and decentralized finance products have stood firm amid the chaos. Last month, mainstream marketplaces such as OpenSea and LooksRare did not record less than $100 million in total daily volume.
The Azuki NFT Project
NFT collectors have seen a significant increase in the value of their portfolios in the last month. The Azuki project shows indications that it could be around for a long time.
The Buddhist tokens in this collection have gained traction following recent developments. The rampant leaks, which one would have thought would have limited the token’s worth, have instead helped to drive up the market’s interest. OpenSea data shows that Azuki has had one of the highest daily average prices recently. The token experienced an incredible increase of 55 percent earlier in February.
Enthusiasts in NFT communities have revealed that they’d hold on or purchase the red bean with Azuki in the next few months. As the token shows signs of a promising future, When the Azuki NFT launched on the blockchain networks, people were mesmerized by its allusion to the Matrix using its version of the red pill. which was then dubbed the “red bean.” Afterward, the red bean was revealed as an avatar that enables users to access Azuki’s garden. The whole concept is anime-inspired, captivating collectors with its art and utility.
Azuki NFTs are currently priced at 11.29 ethers. According to Dune Analytics, the token has made a 163% leap since it was first released.
CloneX is fast rising
Data shows that CloneX has seen up to a 300% increase in the last few weeks. With a floor price of 17 ether, few expected the coin to reach this sales volume level. The collection is owned by RTFKT Studios and features Takashi Murakami. The art and lore of this collection have collectors flocking around it.
Nike currently owns the RTFKT Studios. It’s newsworthy that the team airdropped two new NFTs in February. RTFKT has been hunting for other new NFTs dropping soon. The CloneX community is anxiously waiting for this drop. The team also revealed that current holders would be rewarded with pieces from the new collection once launched.
The Apes are worth 100 ETH
The Bored Apes collections have crossed the 100 ETH floor price. 3LAU’s contributions to the NFT space are tremendous.
Some weeks ago, Justin Bieber bought a BAYC at the 500 ETH floor price. At this point, many collectors complain about the exorbitant prices of tokens. Some even suggested that Beiber’s purchase of 500 ETH was a marketing strategy to raise awareness for BAYC and push the price upward.
BAYC trails behind Azuki and CloneX on OpenSea’s list of tokens that have made high total sales volumes in the last month. LooksRare, on the other hand, claims that the BAYC collection is still far behind on their platform. On OpenSea, BAYC generated about $84 million, while LooksRare’s value is $40 million.