NFT Trading Surges 8X Boom from the Popularity of Bored Ape Yacht Club,Pudgy Penguins and CryptoPunk
Annie Li Aug 18, 2021 08:40
NFT sales recorded an eight times surge in market trading volume over the last two weeks, compared to the result in March, thanks to the craze of Bored Ape Yacht Club and Pudgy Penguins and the classic NFT CryptoPunk.
Non-fungible token (NFT) has seen a surge in market trading volume in the last two weeks, thanks to the craze of Bored Ape Yacht Club and Pudgy Penguins, as well as the classic NFT CryptoPunk.
According to the August 17 report of the encrypted data provider Coin Metrics, the daily number of sales and buyers on NFT trading platform giant OpenSea’s sales reached 60K last week, which is far higher than March’s boom of NFT market, which is almost eight times higher compared to March.
Source: Coin Metrics
OpenSea’s transaction volume has surpassed $1billion in August.
In addition to the exchange trading volume, several NFTs have also drawn the public's attention. Among them, on July 30, an anonymous buyer purchased 104 CryptoPunks with a total value of approximately $7 million as a long-term store of value means.
Sources: Coin Metrics
CryptoPunks are the earliest collections in the early NFT market. Around 2017, the two earliest NFTs to be created and to gain popularity were CryptoPunks and CryptoKitty. CryptoPunks contains 10,000 cute animations of human bodies and animal characters.
In addition, many animal-based NFT projects, Bored Ape Yacht Club and Pudgy Penguins, have drawn public attention.
Sales of Bored Ape Yacht Club (BAYC) soared after announcing that it would be exhibited at Christie’s auction. Since then, BAYC's sales have reached millions of dollars, and the base price has reached more than 15 ETH.
The Bored Ape Yacht Club is a collection of 10000 unique Bored Ape NFTs— unique digital collectables living on the Ethereum blockchain.
The trading volume of Pudgy Penguins reached a peak of $13.5 million on August 13.
The Coin Metrics report pointed out that most mainstream NFTs are usually priced in ETH, so the fluctuation or the volatility of ETH prices will impact the trading volume on the NFT market, and a sudden increase may deter new entrants NFT market. However, higher NFT sales may help attract new users to the Ethereum blockchain.
Blockchain.News reported on August 16, ape-themed Non-Fungible Token project, CyberKongz has taken the lead amongst all protocols for the highest Ethereum burn rate in the past 24 hours, according to the burning leaderboard provided by Ultrasound.
Image source: Shutterstock