Trading volume on OpenSea increases as collectors return to BAYC NFT
Crypto Twitter NFT influencers have been relatively quiet for the past two weeks as trading volume on OpenSea fell to a three-month low and analysts suggested NFT was in a bear market.
Although total NFT sales were down compared to the previous months, some projects saw a significant increase in the past week.
Data from Dune analysis shows that on November 14th, the daily amount of Ether traded on OpenSea increased from $ 48 million to $ 105 million and $ 63.1 million to date.
Daily ether volume at OpenSea | Source: Dune Analytics
That increase appears to be linked to a more than 900% increase in sales volume for NFT Bored Ape Yacht Club (BAYC) and related projects such as the Mutant Ape Yacht Club, which also saw more than 1,000% increase in volume.
BAYC 90-day quantity and lower price limit | Source: OpenSea
Recent purchases from celebrities like Jimmy Fallon, the launch of 2,500 Rolling Stone limited-edition magazines with Bored Ape on the cover, and the fact that Universal Music Group will form a band called Kingship on Metaverse could be reasons for the growing interest on the project.
– jimmy fallon (@jimmyfallon) November 12, 2021
The additional upbeat news comes on Nov. 12 after multi-Grammy Award winner Timbaland and acclaimed record producer announced that his newly formed studio, Ape-In Productions, will be using the image on the Metaverse.
The monkey explosion in the NFT market
It is often said that imitation is the most sincere form of flattery, and it appears to have been in the NFT market since November 15th. A newly launched project called Lil Baby Ape Club (LBAC) is currently seeing a high volume of sales on Opensea with 1,417 Ether, which reflects an increase of 207.344% in the last 24 hours and a minimum price of 0.438 Ether.
Baby Ape’s went live on November 15th with a mint price of 0.02 ether ($ 94) and they look similar to the early BAYC project. The current volume and average retail price of $ 2,200 are clear indications that this project is popular with collectors and speculators.
The extremely rare yellow skin, laser-eyed macaque dynamo sought by collectors also appears to be in the LBAC project, and today an LBAC that is the gold standard of leather is available for the price of 7 ethers ($ 33,000.) offered).
LBAC # 1604
– Lil Baby Ape Club | SOLD OUT! (@LilBabyApeClub) November 15, 2021
While the LBAC project is seeing some impressive numbers shortly after it was minted, it will be interesting to see if the current hype is just down to short-term speculation or influencing it has a similar status to other blue-chip projects in the room.
BAYC is not a public domain project by Creative Commons (CCO).
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
According to Cointelegraph