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<\/p>\nEight of the top 10 NFT projects have posted at least a 115% increase in 24-hour trading volume as the floor prices of many top NFT collections tumble.<\/p>\n
Nonfungible token (NFT) trading volume has surged over the past 24 hours as crypto markets tank taking floor prices of many top NFT collections along with it.<\/p>\n
A long list of top NFT projects such as Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Crypto Punks and Sorare have all seen more than 100% increases in 24-hour trading volumes as investors look to snap up cheaper NFTs as floor prices tumble.<\/p>\n
According to data from CryptoSlam, eight of the top 10 NFT projects in terms of 24-hour sales volume have posted at least a 115% increase in trading volume, with the only projects falling under that mark being Goblintown at 35.54% and Moonbirds at 64.11%.<\/p>\n
Leading the pack is Yuga Labs\u2019 BAYC NFTs, with a 262.79% surge over the past 24 hours to account for $7.1 million worth of sales.<\/p>\n
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Notably, the following three highest-ranked projects are also owned by Yuga Labs, with MAYC, Otherdeed and CryptoPunks posting 173.49%, 157.88% and 122.69% surges in 24-hour trade volume to represent $3.4 million, $2.6 million and $2.5 million worth of sales, respectively.<\/p>\n
Data from DappRadar also shows that OpenSea marketplace has been the biggest beneficiary of the increased trading volume over the past 24 hours, with the platform posting a 173.43% gain in trading volume for a total of $23.88 million worth of sales.<\/p>\n
However, the number of traders on the platform also decreased by 15.39% to 29,300 within that same time frame, suggesting that only a small number of investors with relatively deep pockets are making moves.<\/p>\n","protected":false},"excerpt":{"rendered":"