7250 ETH in trading volume in the past 7 days!
The secondary market for NFTs on Ethereum is currently being dominated by Hashmasks with 7250 ETH, or more than 12.1 million dollars, in trading volume in the past week. That’s more than all the secondary market trading combined, according to data from OpenSea.
If we’re not counting Hashmasks, the top 100 NFT projects had less than 6000 ETH in trading volume in the past 7 days. During that time frame, Hashmasks had 7250 ETH, literally dwarfing the competition on the Ethereum blockchain.
With 12.1 million dollars in trading volume in the past seven days, Hashmasks is right behind market leader NBA Top Shot. The basketball collectibles did 12.7 million dollars in trading in the past 7 days according to data from CryptoSlam. However, NBA Top Shot works on the Flow blockchain, while Hashmasks has been created on Ethereum.
Hashmasks trading just started
The 16.384 artworks first sold out within a few days during a primary sale. Hashmasks quickly became the most wanted NFT collectible on the market. Over the past four days, the number of wallets holding one of the artworks increased from 3308 to 3387. Suggesting that more people are getting in on the action.
When the masks were revealed, the community started speculating. They for example discovered connections between different artworks. As the community is discovering the hidden secrets and unraveling the value of their Hashmasks, trading activity increased.
OpenSea even set a record of 5 million dollars in trading volume on a single day.
NFT market booming
In January the NFT market has seen tremendous growth. According to the Dapp Industry Report by DappRadar, the total value of the NFT market on Ethereum grew from 3 million to more than 33 million dollars.
Products like Axie Infinity, NBA Top Shot, and CryptoPunks have been stealing the headlines in recent weeks. If Hashmasks is an indication, the NFT market is in a strong upward trend.