OpenSea Volume Spikes over 800% Amidst Hashmasks NFT Frenzy

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The latest NFT craze hits secondary markets

The NFT marketplace OpenSea has seen a sales volume increase of more than 800% at the end of January as sales of now sold out Hashmasks NFT collectibles hit the secondary marketplace. 

As earlier reported, this week has seen a new king of NFTs arrive in the shape of Hashmasks after a stellar week of primary sales. Between the 27th of January and today, Hashmasks generated over $10 million in sales volume. As a result, Hashmasks at the time of writing is the leading NFT collectible dapp on DappRadar and the number 5 Ethereum dapp across all categories. 

With a 7-day volume of over $13.5 million, Hashmasks stormed to the top of the collectibles chart overtaking established projects such as CryptoPunks, Sorare, Rarible, and Decentraland.

Source: DappRadar

As collectors and those interested in the project piled in to purchase the digital collectibles, they quickly sold out. Leaving those that had purchased a mask as an investment or flip opportunity to go and list their digital collectible on OpenSea. Whilst those that missed out on the primary sales hunted for a bargain. 

Secondary sales have been booming over the last few days and as a result, OpenSea has seen a huge spike in activity across all metrics. When comparing to the previous 7-days, transaction volume is up by 880%, crossing $1.9 million on the 1st of February whilst unique active wallets are up by 103% in the last 7-days. On February 2nd OpenSea even reached $4.9 million in volume, as tracked by DappRadar.

Hashmasks contributed to the total transaction volume on OpenSea by over 64% on the 31st of January, 84% on the 1st of February, and almost 98% on the 2nd of February.

The average resale price of a Hashmask has risen from 1.6 ETH to 2.2 ETH at the time of writing which also shows a strong upward trend and collector demand.

Source: OpenSea

Moreover, looking at specific Hashmask sales over the last few hours reveals that while the average price may be stated at 2.2 ETH the majority seem to be moving for less. But more inflated sales are occurring, especially amongst those Hashmasks, those owners have already assigned a name.

OpenSea Hashmasks
Source: OpenSea

We see that the masks named zamas and Drunk Red Head 118 sold for 3.5 and 11.8 ETH respectively. Looking at Drunk Red Head 118’s properties reveals that this particular Hashmask carries some very unique identifiers

Source: OpenSea

As Hashmasks continues to develop as a project it will be fascinating to observe how secondary sales evolve. NFT digital collectibles are making a lot of noise at the start of 2021 and that noise only seems to be intensifying.

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