Moonbirds and Solana NFT trading volume is on a tear as sales rise 45%
NFT trading volume has had solid momentum since April and the pace is just right for May, with Solana and Moonbirds NFTs like Okay Bears triggering the increase in NFT selling volume since April.
According to DappRadar, there is a monumental 45% increase in the organic trading volume of NFTs in April compared to the previous months. Solana NFT trading has skyrocketed in April as Moonbirds was also found to be boosting Ethereum trading.
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NFT trading volume soars
There was marked sluggishness in February and March, but NFT trading volumes recovered in April with a remarkable 45% gain.
There has been a six-week shutdown that turned out to be mid-February with the NFT market. Fortunately, trading volume improved in April. The main culprit for the recent increase in NFT trading volume points to Solana-based NFTs and Moonbirds.
The NFT market recorded an increase in monthly NFT trading volume to $6.3 billion in April. That is a growth spurt or jump of more than 23% from March.
Moobirds Now 11e Most Traded NFT in History
Moonbirds, a private or member collection, has generated approximately $500 million in trades, contributing to the recovery of the NFT market.
To date, Moonbirds is now the 11e most traded NFT collection in history surpassing other NFT collections such as Cool Cats, Doodles and Meebits.
Total Market Cap of Crypto at $1.62 Trillion on the Weekend Chart | Source: TradingView.com
Despite the controversies, Moonbirds has remained strong with a bottom price consistently above 28 ETH or about $81,944.
Another important factor is the increase in demand for Solana NFTs at 91% per month, generating total revenues of more than $300 million. Solana-based NFTs have also increased in retail price to $350.
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OpenSea Support on Solana Raises NFTs
The popularity and huge success of Solana NFTs is no surprise, especially since OpenSea has expressed its support for the Solana blockchain. The support of this large NFT marketplace has done wonders for Solana NFTs as a whole.
Okay Bears and DeGods are popular Solana NFT collections that have generated $23 million and $43 million in trading volume, paving the way for inclusion in the top 30 most traded NFT collections last month.
What’s more, Yuga Labs’ Otherdeeds, which had their first NFT drops on April 30, also contributed to the increase in NFT trading volumes.
Despite generating more than $340 million in APE, Otherdeeds suffered losses of more than 4.5 million from failed trades.
Featured Image ItsBlockchain, Chart of TradingView.com