What this rising correlation between crypto & NFT prices can mean for investors
As per data presented by crypto reporter Colin Wu, the transaction volume of the Yuga Labs series has gone down, especially in the last 24 hours. He further mentioned in his tweet that Otherdeed, MAYC, and BAYC have witnessed a drop of 44%, 41%, and 30% respectively.
As per statistics on OpenSea, the trade volume of not only the aforementioned NFTs has dropped, but other NFT collections, such as OkayBears, Azuki, BEANZ official, and Murakami Flowers have also witnessed a significant dip.
The OpenSea daily volume for Ethereum stood at approximately 52 million as of 8 May as compared to the daily volume on 7 May which stood higher at approximately 80 million. Furthermore, the number of NFTs sold, in what we can consider the first 10 days of the month, stood at approximately 456K.
Source: Dune Analytics
Taking into consideration the OpenSea daily NFT transactions for Solana as of 8 May, the count stood at 16,771 which was higher as compared to the number of transactions on 7 May which stood at 13,631. A spike in the number of Solana-based NFTs can further act as an indication toward a newfound interest in Solana-based NFTs.
However, the OpenSea daily volume for Solana did witness a downfall on 8 May. The daily volume fell to approximately 24K from a daily volume of approximately 28K on 7 May.
Source: Dune Analytics
In addition to the data given above, as per information from NonFungible, the number of sales (USD) in a week has dropped significantly. The number of sales stands at 32K, which is down by 72.96%. Furthermore, the sale in USD also fell to $35 million, which was 95.53% lower than the sales amount generated last week. As of 8 May, the number of sales and amount generated from the sales stood at 32,066 and approximately
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