Spring is here and with it came a newfound awakening for nonfungible tokens (NFTs). In the last week of March, total sales volume rallied to $20 billion, but this metric took a dive from mid April to $17.6 billion.
However, on April 16, the newly landed Moonbirds NFT, pumped over $280 million worth of liquidity into the market and this, compounded with rumors of Yuga Labs’ Otherside land drop, sent the total volume sales for NFTs into a steady upward trend.
NFT 30-day market cap / volume. Source: NFTgo.io
In the last seven days, the sector’s total market capitalization increased over 3% to approximately $18.6 billion and the total volume is up nearly 37% over $1.65 billion.
While it’s yet to be determined if the “a rising tide lifts all boats” saying will be true for the NFT market, liquidity could be circulating into blue-chip NFTs and soon-to-be released collections.
Blue-chip tier volumes have been muted, but for how long?
Liquidity has already been making its way to the top NFTs in total volume sales with the Mutant Ape Yacht Club (MAYC) seeing a more than 200% increase over the last seven days.
MAYC 7-day market cap / volume. Source. NFTgo.io
With the number of NFT holders and buyers increasing, projects and investors are looking toward building out ecosystems of mutual value.
RTFKT studios’ CloneX has been emphasizing that the next stage of development will center on ecosystem building. CloneX has been riding a steady wave, hovering at around 18 Ether (ETH) ($53,073). However, the mysterious MNLTH NFT, airdropped to all CloneX holders, has surged in the last seven days to over 11 Ether since it no longer is a mystery box. Its contents revealed Nike’s first-ever NFT CryptoKicks equipped with customizable features, a DNA vial for future forging events and a MNLTH2. For every MNLTH burned, the items acquired are currently worth at least $26,000. A Murakami RTFKT Skin Vial also recently sold for 72 Ether ($212,976)
While some projects are centered around ecosystems, others are focusing on shared…