Weekend NFT Volume Report | ENS Dominates NFT Market
A long weekend of low NFT trading volumes concluded with Americans celebrating Independence Day on Monday, July 4. Gauging the market on a holiday is always difficult, as the narrative can be spun both ways. Bears can suggest that low volumes are bad since "people are off and will be home at their computer." Bears can suggest "people are off but will be away from the computer with family and touching grass."
Regardless of why the outcome happened, low volumes extended to top NFT projects while the bulk of the liquidity was focused on just a few NFT collections. For more information on the real-time NFT market, refer to our project rankings page.
*All data is taken from the Lucky Trader Project Rankings page and is based on the last seven days of volume unless stated otherwise.
ENS has benefited the most from the a momentum market of late, trading 6,820 ETH in secondary volume over the last week. The number marks the most volume traded by any collection and is 2,000 ETH more than the runner-up - Otherdeeds NFTs - during the same timespan.
According to the ENS.Vision, three-letter domains are up to a 0.18 ETH floor, an increase of almost 100 percent from the week prior.
Recent booms have extended to the Arabic 999 Club, which is numbers 1-999 in the Arabic language. The specific set of ENS domains is almost up to a 4.0 ETH floor despite the category blossoming only in recent days. Users have been scrambling to come up with the next hot domain category, suggesting animals and their respective emojis, or Hebrew ENS domains may be next.
Overall, ENS leads all projects in the last 24 hours volume despite a near 50 percent decrease from the previous day's totals.
It was recently discovered that PROOF Holdings Inc, the company behind Moonbirds, filed trademark applications for "Moonbirds Ravens" and "Ravens" on June 28. Details on how the filings will impact existing PROOF NFT projects are still up in the air, but the market has reacted kindly to the news as the collection rose more than 20 percent to a floor of 26.0 ETH after the news had surfaced.
Moonbirds is currently ranked third in volume traded over the last week with 3,741 ETH in sales volume, an increase of nearly 150 percent from the week prior. The floor price has increased by 25 percent during the same timespan, buoyed by a sweep from former PROOF COO Ryan Carson.
Moonbirds Oddities, a recent expansion collection that was airdropped to Moonbirds holders, also saw experienced a floor price increase of 18 percent to 3.80 ETH.
What was arguably the second biggest news over the long weekend was RTFKT coming out with 3D files for Clone holders as well as granting IP (intellectual property rights) to owners of a Clone X. Since the announcement Clone X is up 26 percent in sales volume with 1,794 ETH traded and has seen its floor increase by 12 percent to 12.16 ETH over the last week.
Bored Ape Yacht Club Ecosystem
While the set is arguably the most dominant we have seen over the last year, the weekend was not kind to the Yuga Labs' creations in terms of volume.
|Project||Volume (ETH)||Volume Change||Floor Price (ETH)||Floor Price Change|
|Bored Ape Yacht Club||4,443.00||-35.53%||90.50||+0.28%|
|Mutant Ape Yacht Club||2,828.00||-28.59%||18.10||-0.22%|
|Bored Ape Kennel Club||499.00||+36.71%||6.25||+0.81%|
With every collection other than the Kennel Club bleeding in terms of volume, it was a below-average week for an ecosystem that is used to making up three of the top five spots in secondary trading volume.
Otherside had a run-up in price the week prior as users were asked about their availability for the "First Trip," but volumes only recently started to uptick ahead of load tests.