Is the rise in OpenSea volume and blue-chip NFT sales an early sign of an NFT bubble market?

In the last two months, OpenSea began to cool off from its New Year’s bull run and many NFT pundits began to speculate about the start of a bear market when sales took a slight downward trend after closing a record-breaking $ 5 billion in total volume sales in January.

However, for the last 7 days, the total sales volume is already above the $ 1 billion mark and only a week in April, it seems that the NFT markets are waking up with an increase in blue-chip caliber projects. Create the “Spring Awakening”.

OpenSea Monthly Volume. Source: DuneAnalytics @ rchen8

Traders looking for the next Bored Ape Yacht Club (BAYC) project have been patiently waiting for another project to come in with the same strength and market capital. Some top anglers have come up. Azuki Zen, published on Jan. 21, has raised more than $ 574.6 million in total volume and RTFKT Studios’ CloneX x Takashi Murakami, has raised over $ 546.7 million. In the last 7 days alone, CloneX has increased its total sales volume by more than 180%.

NFT investors come to understand the benefits of investing for the long term with teams that have delivered. RTFKT Studios catalyzed the community collective quest solution for their MNLTH NFT, airdropped to all CloneX holders valued at $ 22,135. As such, for those who held their MNLTH, essentially more than $ 22,000 was dropped in the air, just to be a CloneX holder. This further illustrates the value in collectors and traders grail NFTs.

Now that liquidity is pumping and circulating, it seems like Q2 is here to blow tracks and the NFT markets seem to be being pushed by more mature NFT communities and investors.

What will spark the next BAYC?

NFT projects are beginning to understand the value of cross-cutting culture, community and commerce through what BAYC has cultivated, and many have explored ways to establish their own.

On a spectrum from alienated collector to maxi, recently launched NFT projects have paid close attention not only to building close-knit communities that have strong beliefs, but also to those who can use their platform to to lift their own personal creative aspirations.

RTFKT studios has launched a platform for creators to shine through their Space Pod NFT airdrop allowing owners to view their NFTs in space. Currently valued at $ 4,920.86 (1.65 Ether,) SpacePods are open for customization and this allows RTFKT to explore talent among its own community as well. Creators can also produce and sell their own creations for others in the community to support and enjoy.

Currently, the floor price for a CloneX is a thin 17.5 Ether ($ 52,237.50). By maintaining an average selling price over 11.5 Ether, NFT collectors and owners are confident that RTFKT studios will continue to deliver.

CloneX All-time average selling price / volume. Source: OpenSea

Yuga Labs also announced the creation of its metaverse platform, MetaRPG, which will offer digital land for sale. This news was compiled by ApeDAO which not only sent the BAYC NFT ecosystem owners more than $ 1.6 billion into ApeCoin and promised that it would be adopted as a utility currency in the BAYC ecosystem and MetaRPG.

Percentage of eligible addresses required APE. Source: DuneAnalytics @hildobby

Since MetaRPG is planned to be an interoperable metaverse, it will not prevent those who are not in the BAYC ecosystem from being exposed. Those who are interested know that there is enormous value in interoperability for mass adoptions and other projects with interoperable metaverse such as Arcade Land.

Arcade Land 7-day average selling price / volume. Source: OpenSea

Arcade Land is currently number three for total volume in the last 7 days, and closes at about $ 23 million. The average selling price has increased by 96% and whether that is now just a pre-post disclosure pump, it suggests that communities are looking for the most viable interoperable worlds. The cheapest Arcade Land NFT sells just under 1 Ether (3,291.15) and out of 10,000 items, there are more than 5,700 unique wallet addresses from owners.

NFT investors focus their offerings on utility, interoperability and a semblance of cultural relevance. So far, it seems that famous artists outside the Web3 and NFT circles are cutting their space in the ecosystem and getting the attention of art collectors and NFT collectors.

There is value in transferring IRL art to digital spaces through NFT collections and experiences

RTFKT Studios set an example of how collaborating with a well-known artist can increase the inherent value of a digital collection through not only mere association, but potential mutual benefit. For example, CloneX collaborated with contemporary Japanese artist Takashi Murakami, whose influence in the collection drips on certain CloneX avatars inspired by his earlier works.

Takashi Murakami created a to-do list for his Murakami.Flowers NFT collection and gave all Murakami-dropped CloneX avatars (about 2,500) a place on the list. On March 30, Murakami Flowers hit the secondary market and grew in volume from an average selling price of 6 Ether ($ 17,910) to the current 9.2 Ether ($ 27,462). In less than 2 weeks, the average selling price has increased by more than 61%.

Murakami.Flowers All-time average selling price / volume. OpenSea

Crypto artist and creator of Cyberbrokers, Josie Bellini introduced another level of detailed art that is technically innovative and lined with lore. According to NFT wallet trackers, 50% of CyberBrokers’ owners have bags which are composed of more blue chips than the average investor.

CyberBrokers All-time average selling price / volume. Source: OpenSea

The average selling price of CyberBrokers has increased more than 274% since its launch. In the long run, artists whose work has been digitally translated may have added value to the historical relevance it may have.

Another NFT collection called “MOAR” by Spanish artist Joan Catallan, has risen to the top of the charts for total volume on OpenSea. Currently, it is up about 320% since it hit the secondary market on April, 8, and is trading at 1.11 Ether ($ 3,283.50).

Presented by digital media company FWENCLUB, MOAR is 5,555 souls of creatures, living in a mansion in the metaverse. There are more than 3,700 unique wallet addresses that have a MOAR NFT and only time will tell how the community will evolve.

NFT announcements can make Q2 quite exciting

Q2 could possibly have several announcements for pumps of liquidity in the slot. NFT residents have taken to Twitter to create their advicebut there are a few looming project developments that could boost overall morale and the amount of liquidity in the market.

CyberBrokers NFT will send all owners a free NFT, the value of which may increase as the CyberBrokers gaming ecosystem continues to evolve.

Similar to the ways in which RTFKT Studios is initiating community-collective, quest solutions for their MNLTH NFT, CyberBrokers announced on April 12 that all Brokers will receive a cosmetic item for their NFT. Communities in general are almost beginning to expect that their NFTs feature airdrops will unlock.

BENZ All-time gem. sales price volume. Source: OpenSea

Azuki NFT, airdropped 2 unrevealed read BENZ NFT to each respective owner who provoked controversy on Twitter about what they were and what they were worth. Those who are eligible to claim can do so until April 14 and the revelation is scheduled for the next day. The Azuki NFT airdrop, BENZ, boosted the market and gave Azuki a runup over 25 Ether ($ 77,879). The mysterious NFT quickly pumped over 3 Ether ($ 9,440.10) and BENZ is currently 5.45 Ether ($ 16,268.25) while its average selling price has been up about 44% since it hit the secondary market.

NFT spring seems to be flourishing and collectors have refined their feelings and are looking to turn their initial investments into bigger ones through the new mechanism of NFT airdrops.

Outside of token emissions, collectors are now attracted to projects that add value to their community by donating their free illiquid assets that quickly become liquid. Although some NFT pundits claim airdrops dilute the collection, Others take this opportunity to turn their liquidity into long-term investments that often combine the size of their portfolio. Pairing liquidity and collectors can create a very fruitful Q2 for NFTs and the Web3 ecosystem.

The views and opinions expressed herein are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you need to do your own research when making a decision.