NFT trading volume has surged over the past 24 hours as crypto markets tank taking floor prices of many top NFT collections along with it.
A long list of top NFT projects such as Bored Ape Yacht Club ,Mutant Ape Yacht Club ,Crypto Punks, and Sorare have all seen more than 100% increases in 24-hour trading volumes as investors look to snap up cheaper NFTs as floor prices tumble.
According to data eight of the top 10 NFT projects in terms of 24-hour sales volume have posted at least a 115% increase in trading volume, with the only projects falling under that mark being Goblintown at 35.54% and Moonbirds at 64.11%.
Data also shows that OpenSea marketplace has been the biggest beneficiary of the increased trading volume over the past 24 hours, with the platform posting a 173.43% gain in trading volume for a total of $23.88 million worth of sales.
However, the number of traders on the platform also decreased by 15.39% to 29,300 within that same time frame, suggesting that only a small number of investors with relatively deep pockets are making moves.
