Avatars projects and gaming NFTs rise to relevance
OpenSea, the leading secondary marketplace for NFTs and digital collectibles has generated over $1.8 billion in sales volume in the last 30-days. Moreover, the NFT marketplaces trading volume has increased by 640% in the last month with all-time volume now standing at $2.7 billion according to data from DappRadar.
NFT sales have exploded over the last 12 months and digital images, worth millions of dollars, are being bought and sold every day on the largest NFT marketplace, OpenSea. In the last 30-days, OpenSea has captured over $1.84 billion in sales volume from 157,739 traders. What’s really interesting is that of the total all-time trading volume of $2.7 billion, $1.8 billion came in the last 30-days showing a real appetite increase for NFTs and digital collectibles.
Additionally, OpenSea’s growth has not gone unnoticed by the investor community with the creators of the marketplace recently raising $100 million in a Series B funding round. Effectively, as Uniswap is the unicorn of DeFi, Animoca Brands is the unicorn of play-to-earn gaming and OpenSea is the unicorn of the NFT world.
Gaming leads the way
Interest in blockchain gaming and metaverses has seen a real surge this year. Mainly led by the play-to-earn mechanic whereby players can be rewarded for time spent within a game. Shown through the lens of projects such as Axie Infinity’s obscene rise to popularity and accompanying sales volume of over $864 million in the last 30-days on its own internal marketplace.
Nonetheless, even though the NFTs from the Axie Infinity series generated the most trading volume over the past week, the generative artworks from Art Blocks are catching up. Art Blocks is the platform where NFT series like Fidenza, Ringers, and The Eternal Pump has launched. With $205 million and $128 million respectively, these two NFT collections dominate the Top 10 NFT Collections.
What stands out is that the rest of the Top 10 sales this week consist almost exclusively of avatar NFTs traded on OpenSea, with the exception of basketball collectibles from NBA Top Shot. CryptoPunks is leading the pack with $47 million in sales, while Bored Ape Yacht Club is looking to flip the Punks with a 99% trading volume increase to $45 million. The rest of the list consists of Cyberkongz VX and Cyberkongz, Pudgy Penguins, Generative Masks, and the Gutter Cat Gang collection. Outside the top 10, we also see Cool Cats, MeeBits, World of Women, Bored Ape Kennel Club before we get to Rarible. This is just to show that there’s serious interest in avatar NFTs.
Moreover, OpenSea is not the only NFT marketplace setting new levels and raising millions to scale its operations. Makersplace recently raised $30 million, NFT marketplace Rarible raised over $14 million, Enjin raised $20 million, and Mintable raised $13 million. With more NFT marketplace competitors such as VeVe and SuperRare waiting to strike. Things are just getting started for NFTs.
The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your research. The writer holds positions in ETH, BTC, NIOX, AGIX, MATIC, MANA, SAFEMOON, SDAO, CAKE, HEX, LINK, GRT, CRO, OMI, GO, SHIBA INU, AND OCEAN.