The Moonbirds NFT collection has been enjoying strides in the marketplace (as of July 5). This Ethereum-based collection tops the charts as far as sales volumes are concerned, witnessing a 375% surge over the previous 24 hours. The NFT collection sees a lucrative day following positive sentiments throughout the week.
The Flying Birds
The cryptocurrency market has been on a minor rally since July 4. The optimist sentiment within the cryptocurrency markets entered the non-fungible token markets. Moreover, the NFT space has witnessed a 5.8% jump since July 4, following green signals across leading collections.
For now, the Moonbirds collection lead in sales volume with $1.735 million. Moreover, it is in the top five of the week, boasting more than $4.2M in sales. Moonbirds has seen rapid sales increase within the previous week. It saw a 101% upswing within the week to surpass $4.3 million at this publication.
Increasing active wallets contribute to the surging sales. This index gained 53% during the week to exceed 500 addresses. Also, Moonbirds NFT collection’s profits attracted market players. Profitability noted a massive increase of 238.9% within the week to $1,670,589.
Though Moonbirds numbers appear lucrative, doubts of the collection decimating soon exist. Extreme conditions within the marketplace have triggered volatility in risky assets. Recently, the Sorare NFT collection topped the charts with nearly unbelievable figures before Moonbirds took over. Will Moonbirds retain their momentum or see new lows?
Imminent Recession
HOLDers need to consider the surging tittle-tattles around a potential recession. Meanwhile, the DeFi and NFT market pioneered struggles when inflation climbed to new heights.
Furthermore, the possibility of NFTs sinking remains undisputed in case of a recession due to their nature. That would mean a massive shock for the non-fungible token community as it starts to recover following the woeful month.
The financial space has witnessed turmoil in 2022 amidst macro-economic development. Geopolitical tension, supply chain issues, rising commodity prices, decade-high inflation, and an imminent recession have deteriorated the fiscal industry. Though nothing remains assured in the risky markets, NFT enthusiasts should prepare in case of the worst.
Stay tuned for upcoming developments in the crypto space.
Editorial credit: mundissima / shutterstock.com
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