Here’s why blue-chip NFT prices continue to soar nearly a week after the Otherside mint
2022.05.06 00:23
Here’s why blue-chip NFT prices continue to soar nearly a week after the Otherside mint
In May 2021, OpenSea closed out nearly $140 million in total volume. Fast forward a year and the most dominant nonfungible token (NFT) marketplace closed over $880 million in less than a week partially because of the Yuga Labs’ The Otherside mint. As a result of this mint, a fresh surge of liquidity was injected into the NFT ecosystem and as it stands the current NFT total market capitalization is over $19.4 billion.
NFT market capitalization and volume. Source: NFTgo
For the past two weeks, most of the market had seen little action, but this changed after the Otherside mint closed over $317 million in just three hours.
Meebits 7- day average volume and price. Source: OpenSeaAzuki 7-day average volume and price. Source: OpenSeaCloneX – Takashi Murakami 7-day floor prices. Source: NFTpricefloorOkay Bears 7-day avg. volume / price. Source: OpenSeaDeGods 30-day avg. volume / avg. Source: OpenSea
