Cody McGrath 
As earlier reported here on Coinscreed, the crypto bear market had affected popular NFT collections leading to a crash in their floor prices. However, the reverse is the case as trading volume continues to surge amidst market volatility.
The volume of NFT trade has increased in the last 24 hours as crypto markets have plummeted, causing the floor prices of several prominent NFT collections to plummet as well.
Top NFT projects such as Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Crypto Punks, and Sorare have all seen more than 100% jumps in 24-hour trading volumes as investors seek out cheaper NFTs as floor prices fall.
According to CryptoSlam data, eight of the top ten NFT projects in terms of 24-hour sales volume have experienced at least a 115 percent rise in trading volume, with Goblintown at 35.54 percent and Moonbirds at 64.11 percent falling short.
Yuga Labs’ BAYC NFTs are in the first place, with a 262.79 percent increase in the last 24 hours, accounting for $7.1 million in sales.
MAYC, Otherdeed, and CryptoPunks are all Yuga Labs ventures, with 173.49 percent, 157.88 percent, and 122.69 percent increases in 24-hour trading volume, representing $3.4 million, $2.6 million, and $2.5 million in sales, respectively.
DappRadar data also shows that the OpenSea marketplace has benefited the most from the increased trade volume in the last 24 hours, with the platform registering a 173.43 percent rise in trading volume and $23.88 million in sales.
During the same time period, however, the number of traders on the platform declined by 15.39 percent to 29,300, implying that only a limited number of investors with relatively large sums of money are making moves.
It’s also worth noting that, despite the fact that floor prices for projects like the BAYC and CryptoPunks have dropped to 82.5 ETH ($96,700) and 47 ETH ($54,800), respectively, from all-time highs of 153.70 ETH and 123 ETH, investors are still buying up assets above the floors.
CryptoPunks #8620 and #5690 sold for 275 ETH each ($327,000 at current rates), while BAYC NFTs #393 and #3441 sold for 118 ETH ($140,000) and 105 ETH ($124,000) respectively in the last 24 hours.