OpenSea: Evaluating These NFTs’ Contribution Toward Recent Market Surge

The latest Nansen report shows OpenSea noted nearly 2x sales volume over other leading non-fungible token (NFT) marketplaces over the past week. The top NFT market, OpenSea, saw its trading volume stands at $52 million in the mentioned timeframe.

Considering marketplaces like X2Y2, LooksRare, and MagicEden, OpenSea dominated the space. The blockchain analytics network stated that MagicEden had its trading volume at around $10.44 million. Meanwhile, LooksRare noted $3.57 million, whereas X2Y2 recorded $9.85 million as of October 16.

Thus, Ethereum NFTs recorded an impressive performance that its rivals. Nevertheless, which collection contributed more to the achievement?

Blue-Chip Comeback?

Surprisingly, the upsurge could have emerged amid recovery by some leading NFTs. Assess data from CryptoSlam shows collections such as CryptoPunks, Azuki, and BAYC (Bored Ape Yacht Club) presented impressive growth within the past seven days.

According to the NFT data, BAYC registered $7.81 million in that timeframe. These 84 transactions happened among 67 sellers and 53 buyers.

The record represents a 29.9% surge until this publication. Nevertheless, Bored Ape Yacht Club wasn’t the only collection with a substantial upsurge. Mostly, Ethereum NFTs witnessed the impressive performance. Sorare ranked 2nd with a sales volume of around $5.83 million.

Furthermore, the Sorare collection saw more interest than others. That means it contributed more to OpenSea’s performance than the leading collection. Remember, Sorare had more than 89K transactions and more than 18K buyers. Also, YuGiYn Ethereum NFT had a massive impact.

CryptoSlam’s data shows the collection improved by a staggering 1,343,724.39% uptick in the past seven days. The upside had the sales volume at $1.56 million. YuGiYN’s massive surge only placed it at the 8th spot across the entire NFT market. Nevertheless, the downbeat could be because of the fading activity by the collection users.

What Next?

The 7-day surge was attractive, but the performance presented a different case within the past day. CryptoSlam indicated that the Ethereum chain’s NFT transactions plunged by 15.66%. Consequently, the broad NFT market displayed negative sentiments. Therefore, it signaled fading interest.

Nevertheless, the NFT market may need over $10 million in Ethereum sales volume for ETH NFTs within the previous day. Meanwhile, buyer sentiment should massively improve, and transactions climb higher for the marketplace to recover to lucrative levels.

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