NFT Projects Thrive Despite OpenSea Trading Volumes Drop By Cointelegraph

©Reuters. NFT Projects Thriving Despite OpenSea Trading Volumes Falling

Despite a number of attempted vampire attacks, non-fungible tokens (NFTs) continue to have a strong run on OpenSea, with the number of unique users and transactions on the rise. However, the global volume of the NFT market is falling below last month’s figure of nearly $3 billion.

While there are NFT projects preparing to hit the secondary market, it appears that the industry as a whole is navigating the next move in NFT utility and integration in the metaverse. Additionally, global political uncertainties are also having a noticeable impact on the market environment.

The price of Ether (ETH) is down almost 16% in the last seven days, and since most NFT projects are online, NFT collectors tend to remain unfazed, buying NFTs at bargain prices. For an NFT collection, Azuki has made a considerable impact in the last 30 days, amassing over 80,000 Ether ($209,100,216) and ousting blue chip collections like Bored Ape Yacht Club (BAYC) and Crypto Punks from their first places. Similarly, the launch of Invisible Friends on February 23 has already raised over $23.1 million with a minimum price of 8.95 Ether ($22,010.74).

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