Do you enjoy anime merchandise? If you do, you’re not alone, as a new anime-inspired NFT collection has been attracting attention from all corners of the business. Is this a one-off occurrence or does it reveal more about the NFT sector’s overall trajectory?
Let’s have a look.
Everything is based on keikaku.
At the time of publication, an NFT collection of 10,000 avatars with characters that were eerily similar to anime characters topped Crypto Slam’s list of top NFT collections by 24-hour sales volume. Azuki soared 34.59 percent in one day and 285.43 percent in a week after selling over $14 million. This put it ahead of strong competitors like Meebits, as well as industry heavyweights like BAYC and MAYC.
Furthermore, this was despite Meebits surging by 1,372.62% in the previous 24 hours. This is a remarkable achievement.
Users should be aware, however, that Azuki has dropped by 69.30 percent in the last month.
So, what’s the bottom line here? Well, it turns out that the NFT market is undergoing some significant adjustments behind the scenes.
Is Udon churning?
The volume of NFT trades has been declining since late January, but on March 15, volumes soared to above $300 million. It’s worth noting that Azuki’s price rose right before this happened. It’s surging again after some consolidation and correction – even as NFT trade volumes grow along with it.
That so, it would be premature to predict that the NFT market will achieve new highs. According to data from Dune Analytics for OpenSea [Ethereum], monthly volumes in March had yet to reach $2 billion at the time of publication.
When compared to monthly volumes in January 2022, which were close to $5 billion, this is a significant decrease. Overall, it appears that the NFT business still has work to do if it wants to reach new heights.
Simply look it up on the internet.
Traders were debating whether the NFT market was on its way down just a few days ago. What is the explanation for this? Google Trends reported a drop in interest in “NFT” and similar keywords, which many interpreted as a hint that the industry was in trouble.
Data showed that interest in the phrase was somewhat on the rise again at the time of publication.