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Is the surge in OpenSea volume and blue-chip NFT sales an early sign of an NFT bull market?

Published 04/12/2022, 04:45 PM
Updated 04/12/2022, 06:20 PM
Is the surge in OpenSea volume and blue-chip NFT sales an early sign of an NFT bull market?

In the last two months, OpenSea began to cool down from its New Year's bull run and many nonfungible token (NFT) pundits began to speculate about the beginning of a bear market once sales took a slight downward trend after closing out a record-breaking $5 billion in total volume sales in January.

However, for the last seven days, the total sales volume has already exceeded the $1 billion mark and just a week into April, it seems the NFT markets are waking up to a resurgence of blue-chip caliber projects. Cue the “spring awakening.”

OpenSea Monthly Volume. Source: DuneAnalytics @rchen8
CloneX All-time average sale price / volume. Source: OpenSea
Percentage of eligible addresses claimed APE. Source: DuneAnalytics @hildobby
Arcade Land 7-day average sale price / volume. Source: OpenSea
Murakami.Flowers All-time average sale price / volume. OpenSea
CyberBrokers All-time average sales price / volume. Source: OpenSea
BEANZ All-time avg. sale price volume. Source: OpenSea

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