As the floor prices of several prominent NFT collections fall, trade volume for eight of the top ten NFT projects has increased by at least 115 percent in the last 24 hours.
The volume of NFT trade has increased in the last 24 hours as crypto markets have plummeted, bringing with them the floor prices of several popular NFT collections.
Top NFT projects such as Bored Ape Yacht Club, Mutant Ape Yacht Club, Crypto Punks, and Sorare have all witnessed more than 100% jumps in 24-hour trading volumes as investors seek out cheaper NFTs as floor prices fall.
According to sources statistics, eight of the top ten NFT projects in terms of 24-hour sales volume have experienced at least a 115 percent rise in trading volume, with Goblintown at 35.54 percent and Moonbirds at 64.11 percent falling short.
Yuga Labs' BAYC NFTs are in the first place, with a 262.79 percent increase in the last 24 hours, accounting for $7.1 million in sales.
MAYC, Otherdeed, and CryptoPunks are all Yuga Labs ventures, with 173.49 percent, 157.88 percent, and 122.69 percent increases in 24-hour trading volume, representing $3.4 million, $2.6 million, and $2.5 million in sales, respectively.
Another source's data also reveals that the OpenSea marketplace has benefited the most from the increased trade activity in the last 24 hours, with the platform registering a 173.43 percent rise in trading volume and $23.88 million in sales.
During the same time period, however, the number of traders on the platform declined by 15.39 percent to 29,300, implying that only a limited number of investors with relatively large sums of money are making movements.
It's also worth noting that, despite the fact that ground prices for projects like the BAYC and CryptoPunks have dropped to 82.5 ETH ($96,700) and 47 ETH ($54,800), respectively, from all-time highs of 153.70 ETH and 123 ETH, investors are still buying up assets above the floors.
CryptoPunks #8620 and #5690 sold for 275 ETH each ($327,000 at current rates), while BAYC NFTs #393 and #3441 sold for 118 ETH ($140,000) and 105 ETH ($124,000) respectively in the last 24 hours.
