Crypto price slump gives NFT buyers a great start to 2022

By Raffaele Redi

The NFT market generated over $23bn in trading volume in 2021

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Bored Ape Yacht Club could be the most critical NFT avatar project besides CryptoPunks – Photo: Shutterstock
                                

NFT traders are buying the dip in the first few days of 2022, after the price of cryptocurrencies fell drastically in the last part of 2021.

In the first four days of 2022, leading NFT platform OpenSea alone has witnessed a trading volume of around $750m, while the NFT market overall generated over $23bn in trading volume in the last year.

While new collections such as the Cool Ape Club Official – which witnessed a 40-fold increase in sales over the last seven days – are driving OpenSea’s and the overall NFT market’s new momentum, stalwarts such as the Bored Ape Yacht Club (BAYC) and the Mutant Ape Yacht Club (MAYC) keep volumes high.

The two collections by Yuga Labs witnessed the highest trading volume on the platform, with around ETH 50,000 ($190m approx) of trades in the last seven days.

The BAYC project  

According to Dapp Radar, BAYC could be the most critical NFT avatar project besides CryptoPunks. The collection’s floor price is around 50 ETH, or roughly $2m.

“The boost provided by celebrities like Alex Ohanian, Steph Curry and Von Miller joining the project, coupled with a robust utility and a complete roadmap, helped BAYC become another collection that rose to the status of actual units of value store,” said DappRadar analysts.

“Yuga Labs and its BAYC is one example of a team that has established itself as a brand. Owners are proud to be a part of and have a strong presence in the metaverse”.

“Teams like Yuga Labs, Larva Labs or RTFKT have become more than simple groups. The recent partnerships between BAYC and Animoca Brands, or the one between RTFKT and Nike, strengthen this narrative. These partnerships have established themselves as trustworthy brands that represent the ideals of Web 3.0”.

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