According to data from Cryptoslam, an NFT project based on the Solana Network has been trailed with significant growth in sales volume since the beginning of the month. Referred to as Primate Academy, this project is a complete collection of 4444 distinct NFTs with more than 70 custom traits of R2E games.
Launched in March, data from Cryptoslam revealed low sales volume within the first two months sequel to launch. In March, a total of $10,311.58 was recorded in sales. However, this dropped by over 95% in April, as only $189.44 was recorded in sales. Interestingly, the project seemed to have gotten some traction this month. So far this month, the project has registered a sales volume of $2,470,566.06.
The last 24 hours
Currently ranked third on Cryptoslam’s NFT collection rankings by sales volume in the last 24 hours, Primate Academy saw a 26% spike in its sales volume over the previous 24 hours. Within this window period, a total of $1,117,954 has been recorded in sales. With a total of $21,034,946 recorded in NFTs sales in the last 24 hours, sales of the Primate Academy NFTs represented 5% of the total sales recorded.
Over the last 24 hours, the NFT project recorded a total of 2,233 transactions with 1,165 new buyers. At the time of press, the floor price for the NFT project stood at 0.06 SOL.
The spike in sales volume for the project may be attributed to the general downturn in the cryptocurrency market, which impacted NFTs sales. Blue Chips projects like CryptoPunks, Bored Ape Yacht Club, Mutant Ape Yacht Club, Azuki, and Doodles were not left out as they have also suffered a burn to their floor prices. The general decline in floor price has led collectors to ramp up the collection of NFTs since the month started.
When Primate Academy launched in March, with 578 transactions executed, it recorded a total sales of $10,311.58. By April, the transactions count registered an 87% decline. Only 70 trades were executed with just 42 buyers. As a result, the project recorded a meager amount of $189.44 in the entire month.
However, barely 20 days into June, a total of 11,213 transactions with over 5000 buyers have been executed. Sales so far this month totaled $2,470,566.06. This represents 99% of the total sales of $2,481,067.08 since the project’s launch.
Azuki NFT investors check their ikigai as allegations of rug pull…
On 9 May, the prices of one of the most popular NFT collections, Azuki further plummeted following a blog post by Zagabond, the fictitious founder of the project. Not to forget that the average price of Azuki was already on a downtrend post 4 May.
In the post, Zagabond disclosed his involvement with previous NFTs projects like CryptoPhunks, CryptoZunks, and Tendies all of which he said to have abandoned.
About 24 hours following the blog post, the average price for the Azuki NFTs declined by 26%. Furthermore, the floor price decreased from 16.2 ETH (US$38,484) to 8.3 (US$19,717) ETH on Tuesday (10 May) with a 1,329% spike recorded in trading volume within that time frame.
However, the project appeared to be undergoing a recovery with over $45 million worth of Azukis traded in the last 24 hours. What else did we observe?
Maybe, Just Maybe
Data from Cryptoslam revealed that in the last 24 hours, a total of $47,157,882 worth of Azuki NFTs were sold. This represented 82% uptick in sales bringing the total value of sales of the NFTs project to $726,528,763 since its launch.
With this spike in sales volume recorded in the last 24 hours, at the time of press, the Azuki project sat atop the list of ‘NFT Collection Rankings by Sales Volume’ within the last 24 hours.
To better appreciate the performance of this project, in the last 24 hours, the total sales volume recorded for the sale of NFTs across all marketplaces stood at $149,502,986. This means that the sales recorded by Azuki represented 31% of the total number of sales recorded.
In addition to the spike in sales volume, the project recorded a total of 1,706 sales transactions. This represented a 145.10% spike in the index for sales transactions for the Azuki NFTs in just 24 hours.
Similarly, following Zagabond’s “apology”, the number of active wallets on the network spiked by 111.60%. This brought it to a total of 2,577 Active Wallets in the last 24 hours with 1228 new buyers.
It is also worthy of note to point out that in the last 24 hours, the total number of owners of Azuki NFTs increased by 19%. This brought the total owner of the Azuki NFT to 5,490.
Is it even real?
While the project appeared to have undergone recovery in the last 24 hours with a spike in sales volume, it is pertinent to note that the floor price still stood at 10.4000 ETH. This amounted to a 25.07% decline in floor price value in just 24 hours. At this floor price, one is able to snatch up an Azuki NFT for $24,398.62 in contrast to $38,484 just a few days ago.
Each week, there is at least one news of an NFTs project rug pull. As the technology continues to unravel and presents a plethora of use cases, the more rug pulls we have, the more investors begin to doubt the NFT phenomenon.
Google Trends depict falling interest in Ethereum & NFTs but here’s the caveat
While not the most sophisticated of data tools, Google Trends is a way to roughly understand the level of interest that internet users worldwide have in a certain topic.
To that end, Google Trends data for the search terms “Ethereum” and “NFT” revealed an unmistakable end result. This was a fall in search interest since close to the beginning of the year.
Does this drop-off have any effect on price or market movements? Well, at press time, Ether [ETH] was trading hands at $2,854.57, after falling by 3.17% in a day and dipping by 2.14% in a week.
On the other hand, when interest in Ethereum was higher, around 25 January, ETH was only trading at about $2,400. For this reason, more searches may not mean higher prices or vice versa.
What about NFTs, however? According to CryptoSlam, NFT sales volume on Ethereum fell by 15.90% in the last 24 hours. However, sales were up by 53.25% in the last 30 days. So again, a fall in search interest is not strictly equal to a loss in price or volume.
Don’t “Weight” up for me
Data from Santiment revealed that Ethereum investors are far from drowning in tears, despite the fall in price. In fact, weighted sentiment for ETH showed that investors were coming down from euphoric spikes, the likes of which were last seen before the December 2021 crashes. This could have helped trigger the latest fall in prices. Even so, weighted sentiment was 0.942 at press time, suggesting that further falls could be on the cards.
That being said, ETH supply on exchanges was still falling at press time, indicating that investors aren’t likely to be drawn into a drastic sell-off en masse. A continued fall in ETH on exchanges or ETH being staked could help raise the price of the asset and initiate a bull run, with time.
A load of ‘whataboutery’
So Ethereum might be able to hold its own even in a turbulent market, but what about the still booming NFT industry? Will it survive a red market? While there are reasons to be concerned, one positive sign is that the Opensea [Ethereum] monthly volume has already surpassed the levels it hit last month.
Adding to that, there has been a strong recovery in daily trading volume since mid-April. If this goes on, it could help both the NFT industry – and the Ethereum ecosystem.
Pro Trader-Focused NFT Marketplace Blur Secures $11 Million In Seed Round Led By Paradigm
On March 28, the non-fungible token (NFT) marketplace Blur announced the company has raised $11 million in a seed round led by Paradigm. The NFT marketplace Blur says the startup is focused on building an institutional-grade NFT market that’s made “for pro traders.”
Blur Raises $11 Million to Craft the Startup’s Institutional-Grade Products
The NFT marketplace Blur announced the firm has raised $11 million in a seed funding round led by Paradigm. According to Blur, the round also saw participation from Egirl Capital, Keyboard Monkey, Ledgerstatus, 0xmaki, Santiago Santos, Zeneca, Deeze, and Andy (Fractional).
Blur explains that the marketplace will be crafted for pro traders and the startup believes that most offerings today are focused on retail traders. “Current NFT marketplaces prioritize the retail experience, but they neglect the growing needs of pro traders,” Blur’s announcement on Monday details. “Infrastructure has failed to keep up as monthly trading volumes hit billions, and Web2 business models hold the space back with poorly aligned incentives.” The startup’s blog post adds:
Our mission is to solve these problems and move the NFT space toward becoming institutional-grade while increasing decentralization.
At the moment, Blur is building the market in stealth mode the company disclosed and the team will share information on how to get early access in the future. The project has a Twitter account with roughly 2,400 followers and statements from a few investors like Deeze are highlighted on the project’s Twitter profile. “Excited to be a part of this round,” the investor Deeze tweeted on Monday. Sicarious from Sicarious Capital explained that trader looked forward to helping Blur.
“As a trader with a weak spot for NFTs, I’m very excited to help the [Blur team] bring their idea to fruition,” Sicarious explained to the trader’s 100,000 Twitter followers. “Can’t wait to try out their beta, I’ll see if I can get away with leaking a few sneak peeks.”
Blur’s announcement on Monday stresses that the mission to bolster the NFT space “will not be an easy feat.” However, Blur concludes by highlighting that the project has “assembled a team of builders with experience from MIT, Five Rings, Brex, Square, and Y Combinator to accomplish this mission.”
A number of NFT projects and marketplaces have raised funds this year. For instance, Immutable raised $200 million in a Series C led by Temasek during the first week of March. In January, the NFT analytics firm Cryptoslam raised $9 million from Animoca Brands, Mark Cuban, and Sound Ventures. Just last week on March 22, the creators of the Bored Ape Yacht Club (BAYC) NFT collection raised $450 million in a seed round. After the capital injection, Yuga Labs is now valued at roughly $4 billion.
Tags in this story
$11 million, 0xMaki, Andy (Fractional), BAYC, Blur, Blur NFT, Blur NFT Marketplace, Cryptoslam, Deeze, Egirl Capital, immutable, institutional-grade, Keyboard Monkey, Ledgerstatus, Paradigm, Pro Traders, retail, retail experience, Santiago Santos, Seed Funding, seed round, Sicarious, Sicarious Capital, Yuga Labs, Zeneca
What do you think about Blur raising $11 million from Paradigm and other strategic investors? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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