Milady Maker NFT collection on OpenSea has generated over $26 million in trade volume, peaking in April 2023. The collection’s NFTs are growing in popularity after almost two years.
Since August 2021, the Milady Maker NFT collection has been available on OpenSea. It is made up of about 10,000 Ethereum-based NFTs that have so far generated a trading volume of more than 45,000 ETH (or more than USD 26 million). However, the weekly trade volume never went over 1,500 ETH until April 2023, when it saw a surge in activity.
Let’s just say that, up until April, its NFTs’ average weekly selling price had never exceeded 2 ETH. However, by the start of May, it had already increased to almost 3.5 ETH, with a total weekly trading volume of more than 4,400 ETH. So despite being almost two years old, a group of NFTs has been increasing in popularity lately.
Milady NFTs erupt on OpenSea due to Elon Musk’s interference
Elon Musk shared an image from the Milady Maker series in a tweet on Wednesday.
Musk made the remark “there is no meme, I love you” in response to the image, though it is unclear whether he was aware that it was a part of the aforementioned NFT collection.
Actually, the phrase “there is no meme” is a meme; it just uses a new image each time.
Clearly from the Milady Maker collection, Musk’s meme image has been altered with the addition of a red-out frame.
Nevertheless, yesterday was a big day for the NFT Miladys.
Milady Maker: OpenSea’s NFT collection is flourishing
Despite the fact that the week has only been going for a little over four days, the base price has increased to 4.15 ETH and the weekly volume has increased to over 11,000 ETH.
In other words, the trading volume over the past four days has nearly double that of the previous week, and the past few days have seen a significant portion of the Miladys NFTs trading volume on OpenSea.
Elon Musk may have already purchased some of these NFTs, but it is unclear if he knew what he was doing or was purposefully trying to make a profit.
But it’s obvious that the Twitter supporter can continue to have a significant impact on the cryptocurrency markets.
The impact of Elon Musk on the cryptocurrency markets
On the other hand, despite the fact that he has been unsuccessful in getting the price of his beloved Dogecoin to rise again in recent months, he has been successful in significantly increasing the price of Floki, formerly known as Shiba Inu.
It is unknown whether Musk owned FLOKI or SHIB in addition to Dogecoin before his tweets drove up the price of each. Musk is known to support Dogecoin and has even purchased some of it.
However, it is important to note that Musk’s influence may not have a lasting impact on the value of memecoins in the medium to long term.
Only briefly or very briefly may his interventions impact cryptocurrency market prices swiftly and significantly.
For instance, Dogecoin, Floki, and Shiba Inu are all currently trading at a reduction of 90% from their highs.
These, then, are short- or extremely short-term dynamics that frequently vanish once the initial excitement subsides.
Though their small April surge began well before Musk’s post, perhaps this will also be the case for the NFT miladys.
The NFT Industry
Overall, NFT trading on OpenSea had a difficult month in April 2023.
The total volume for the month was about $285 million, down from $383 million in March.
Even so, November 2022’s volume, which just barely over $255 million, was greater than last month’s amount.
Though well behind the $4.8 billion historical monthly peak in January 2022, the current numbers are nonetheless much better than in the first half of 2021.
In other words, the NFT market has partially deflated since the second half of 2021’s explosive bubble, but it has not yet returned to its pre-bubble levels. On the other hand, monthly quantities are still significantly greater than they were in early 2021.
This is made even more pertinent by the recent loss of OpenSea’s historical dominance in the industry to Blur.
So while the current stage of the NFT market is undoubtedly not exceptionally successful, the situation is actually less dire than a superficial inspection may imply.
Milady Maker has truly been the most popular collection on OpenSea for the past seven days. The surge has been so strong that it has moved up to fourth position overall among the top collections during the past 30 days in just four days.
Bored Ape Yacht Club has taken over after Mutant Ape Yacht Club, which previously held the top spot. Mutant Ape Yacht Club is still in second position for the week.
In terms of overall trading volume over the last 24 hours, Milady Maker led with 1,900 ETH, followed by Bored Ape Yacht Club with 1,300, and Mutant Ape Yacht Club with 1,200.
Pudgy Penguins, with a daily trading volume of less than 1,000 ETH, is in fourth position.
Azuki, who has 12,000 ETH and is virtually on par with Mutant Ape Yacht Club, is in third place. Milady Maker, who has 13,000 ETH and a +231% rise from last week, likewise dominates this position.
These figures are not enormous, but they are also not negligible.
Thus, the NFT market is currently far from dead and is actually still thriving, notably on OpenSea.
It is still a long way from the peaks of a real speculative bubble, though, and bubbles always bust eventually.
Although micro-bubbles can arise at specific times, like the one that undoubtedly exists on the NFTs in the Milady Maker collection, there is currently no indication that the sector is experiencing a speculative bubble.
In contrast, the fact that Bored Ape Yacht Club, Mutant Ape Yacht Club, and Azuki are still growing in popularity despite the burst of the 2021 bubble suggests that these collections at least aren’t currently on the verge of extinction.
Even if they are brand-new collections made specifically to ride the wave, other collections might be able to get the most support if a fresh huge bubble begins to pop.