Trading Volume on OpenSea Increases in January Thanks to Bored Apes NFTs
According to blockchain analytics platform DappRadar, trading volume for the top two NFT projects was nearly $82.3 million for BAYC and $93.2 million for MAYC. In the last week alone, the prices of a Mutant Apes NFT increased by a record 160%, while the prices of Bored Apes NFTs increased by about 60%. The price of the cheapest MAYC NFT has tripled, while the minimum price for a BAYC NFT increased to 46%.
Sales of non-fungible tokens (NFTs) are starting 2022 on a high trend, with the largest NFT marketplace OpenSea seeing a sharp increase in trading volume barely four days into the year. That is mainly due to the sales of NFTs in 2 of the most important projects: Mutant Ape Yacht Club (MAYC) and Bored Ape Yacht Club (BAYC).
The surge in sales comes after rapper Eminem bought Bored Ape Yacht Club NFT over the weekend for an estimated $452,000. Comedian Dave Chappelle also purchased a BAYC NFT for nearly $371,343.
Since the beginning of this year, OpenSea has generated about $700 million in trading volume, but this year saw $255.8 million worth of trading volume in 24 hours on Monday alone.
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BAYC and MAYC NFTs top the charts
According to blockchain analytics platform DappRadar, trading volume for the top two NFT projects was nearly $82.3 million for BAYC and $93.2 million for MAYC.
In the last week alone, the prices of a Mutant Apes NFT increased by a record 160%, while the prices of Bored Apes NFTs increased by about 60%.
The price of the cheapest MAYC NFT has now tripled, while the minimum price for a BAYC NFT has increased to 46%.
For the record: Project Bored Ape NFTs include 10,000 unique non-fungible tokens currently held in 6,000 wallet addresses. Recent data suggests that about 105 Bored Ape NFTs are held in a single address on the Ethereum blockchain.
On the other hand, the Mutant Ape project consists of over 20,000 unique “mutated versions” of Bored Ape’s NFTs. All in all, the two NFT projects are online avatars. In the last seven days, Mutant Ape NFTs have been traded by over 2,000 users.
Going beyond NFT sales
Projects like Cryptopunks, MAYC, and BAYC have played a crucial role in the growth of the NFT industry. Although these NFTs don’t have many use cases at the moment, brands are starting to take notice.
One example is BAYC’s partnership with sportswear brand Adidas for a marketing campaign. Adidas and Nike brands are likely to sell digital sportswear and footwear in the metaverse in the future – and there’s no better way to do it than using NFTs.
By the way, the Bored Apes NFTs made it onto the cover of Rolling Stone Magazine. BAYC’s popularity is not only enviably large but has also led to the creation of numerous offshoots and counterfeits.
For example, OpenSea recently banned a project called Phunky Ape Yacht Club (PAYC) that sold mirrored and identical NFTs similar to BAYC.
(Featured image by Marco Verch Professional Photographer CC BY 2.0 via Flickr)
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