NFT prices misfire as OpenSea daily active user volume drops 30% in a week

OpenSea seems to be keeping up with January’s $5 billion total volume by generating more than $1.3 billion over the last seven days. However, data from Dune Analytics shows that the number of active users has fallen by more 30%.

Is it possible that we are beginning to notice a slowdown in trader activity, or is this a sign that the market is about to pull back?

OpenSea has daily active users. Source: Dune Analytics

LooksRare is the closest competitor to the market-place. It has generated $3.49 Billion in the past 7 days. However, persistent issues with wash-trading have reduced its active trader count by 3 percent.

OpenSea could have a few contributing factors to its overall volume drop and drop in active traders. Nothing lasts forever. The NFT market is not surprising, however.

Hape Prime claimed the top spot

Hape Prime, an 8200-strong collection of fashion-forward apes in 3D, entered the market and topped the charts for the 7 days prior. Investors have been impressed by the project’s total sales of over $13.6million. It is unclear if this impression was positive or negative.

Although the collection was quickly deemed a meme, it still managed to sell nearly 80% more in its seven-day total volume sales. Other notable collections like CloneX and Azuki saw their volumes drop by at least half.

The daily average price for Hape Prime was 9.17 Ether on Jan 31. It has fallen more than 55% since then, suggesting that traders may have believed the hype. It is interesting to note that almost 6,000 owners are listed.

Hape Beast 14-day Average Price and Volume Source: OpenSea

KaraFuru’s prices are affected by a lack of anticipation

KaraFuru launched on February 4th with an average of 4 Ether floors ($12,506.36). According to cryptoslam data, the small 5,555 collection has 4,000 owners.

The announcement of the February 10th price could have caused a slight uptick in sales prices for daily average holders.

KARAFURU REVEAL Save this date, as we will finally meet our Karafurus! * Thursday 3pm UTC February 10, 2022 LFG FURUS #KarafuruNFT
Karafuru NFT (@KarafuruNFT), February 6, 2022

KaraFuru’s total sales volume has exceeded $44.8 million. Some in the community are praising the idea that it has great potential.

Drops, on drop, on drops for CloneX Holders

CloneX currency is third in total sales, with the highest price for one avatar at 10 Ether (31,000.) RTFKT studios dropped one NFT per CloneX or Space Pod owned by a collector.

CloneX all-time average price / volume: OpenSea

RTFKT will deliver on its airdrop season with holders receiving a MNTHL or Loot Pod NFTs. MNTHL’s floor price at the moment is almost 5 Ether. Collectors have noticed that the Nike-marked NFT won’t reveal itself until it is activated.

Information on D.A.R.T.X and its effects on MNLTH revealed – Reveal does not depend on a date but triggers – Triggered through the community – Triggered via the blockchain. If you, RTFKT community achieve those missions, clues and quests will be sent weekly. The MNLTH will then react.
— RTFKT Studios (@RTFKTstudios) February 7, 2022

Holders were dropped at least 6 Ether ($18,000.500) between the MNLTH NFTs and the Loot Pod NFTs at the current floor for each NFT. Although this doesn’t account the price range, it appears that it is only the beginning of the ecosystem with more opportunities to enter.

HypeBears Official moves closer to the top

The HypeBears collection was sold out by February 3, as there was no public mint and many hopefuls were frustrated. At 0.4 Ether ($1,240), it was not cheap to mint a HypeBear.

HypeBears appears to have caught traders’ attention with its vague, but appealing roadmap that boasts 50% royalty payments, a potential governance token, and access to other blue-chip projects.

HypeBears, a blue-chip-driven project, has sold more than $40 million since its February 2 launch. However, despite its hot sales, the contract exposed vulnerabilities and potential exploits to holders.

Hype Bears: You won’t be drained of the contract and it is safe to mint. Your bears might not be safe. Read on (this is short, I promise)
— Quit (@0xQuit February 2, 2022

HypeBears temporarily took Azuki’s spot in the charts, despite falling almost 49% from its highest daily average sales price of 1.37 Ether.

In total volume and average daily sales, zuki fell

OpenSea reports that Azuki has sold more than $313 million since its January 11th launch. It has generated more than $33 million in the past 7 days, but the average daily sales have declined by 66%.

7 day average price / volume: OpenSea Azuki

Azuki’s average sales volume and average sales have been declining, but the average price of Azuki has risen by 40% in a matter of months. These anime-inspired NFTs can be bought for a very high price by collectors.

OpenSea’s floor price chart shows that Azuki has fallen slightly below the desired 10 Ether mark. However, on LooksRare buyers are happy to fork out at least 11 Ether per NFT.

Users can trade in $3,000 off for trading rewards and opt to buy pieces on LooksRare. This could allow them to continue their fight against OpenSea.

New NFT collections seem to be gaining momentum and are eager to take over the top spot in the charts.

OpenSea’s record-breaking start to the New Year has been clear, but can these gains be sustained when the market is experiencing a sharp drop in active traders as well as daily volume?

com. You should do your research before making any investment or trading decision.

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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