Non-fungible token (NFT) has seen a surge in market trading volume within the last two weeks, because of the craze of Bored Ape Yacht Club and Pudgy Penguins, as well as the basic NFT CryptoPunk.
According to the August 17 report of the encrypted information supplier Coin Metrics, the daily variety of gross sales and buyers on NFT buying and selling platform giant OpenSea’s gross sales reached 60K last week, which is way increased than March’s increase of NFT market, which is nearly eight times increased in comparison with March.
Source: Coin Metrics
OpenSea’s transaction quantity has surpassed $1billion in August.
Along with the exchange trading quantity, a number of NFTs have additionally drawn the public’s consideration. Among them, on July 30, an anonymous buyer bought 104 CryptoPunks with a total worth 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.
As well, many animal-based NFT initiatives, Bored Ape Yacht Club and Pudgy Penguins, have drawn public consideration.
Sales of Bored Ape Yacht Club (BAYC) soared after saying that it will be exhibited at Christie’s public sale. Since then, BAYC’s gross sales have reached millions of dollars, and the base price has reached more than 15 ETH.
The Bored Ape Yacht Membership is a group of 10000 distinctive Bored Ape NFTs— distinctive digital collectibles dwelling on the Ethereum blockchain.
The trading quantity of Pudgy Penguins reached a peak of $13.5 million on August 13.
The Coin Metrics report identified that the majority of mainstream NFTs are usually priced in ETH, so the fluctuation or the volatility of ETH prices will influence the buying and selling quantity on the NFT market, and a sudden enhance may deter new entrants NFT market. Nonetheless, increased NFT gross sales could assist appeal to new customers 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.