OpenSea transaction volume surged, collectors flocked to Bored Ape Yacht Club NFT

Crypto Twitter non-fungible token (NFT) influencers have been relatively quiet in the past two weeks, as OpenSea’s trading volume fell to a three-month low, and analysts criticizing emerging industries said that a bear market is coming.

Although the overall sales volume is indeed dwarfed compared to the previous few months, some projects have seen substantial growth last week.

Data from Dune analysis Shows that on November 14th, the daily amount of Ether (Ethereum) The transaction volume on OpenSea soared from US$48 million to US$105 million. At the time of writing, the transaction volume of Ethereum was US$63.1 million.

OpenSea’s daily Ethereum transaction volume.Source: Sand Dune Analysis

The surge seems to be more than 900% increase Sales of Bored Ape Yacht Club (BAYC) NFT and related projects (such as Mutant Ape Yacht Club) also increased by more than 1,000%.

Bored Ape Yacht Club 90-day quantity and price bottom line. Source: OpenSea

The recent purchases of celebrities like Jimmy Fallon, the launch of 2,500 limited edition Rolling Stone magazines with a boring ape on the cover, and Universal Music Group’s announcement that it will form a Metaverse-based band called Kingship. Reasons for more and more interest. this project.

On November 12th, Timbaland, a well-known music producer who has won multiple Grammy Awards, announced that his newly established Ape-In Productions studio will use BAYC NFT avatars for music and animation creation in all aspects of emerging music. There is good news. Metaverse.

Ape derivatives are booming

It is often said that imitation is the most sincere form of flattery, and as of November 15, this seems correct in the NFT market. A new project called Lil Baby Ape Club (LBAC) is currently seeing a large amount of sales on Opensea, with 1,417 Ether, reflecting a surge of 207,344% in the past 24 hours and a reserve price of 0.438 Ether.

Baby Ape was launched on November 15th, priced at 0.02 ether ($94), and they imitated the original BAYC project. The current transaction volume and average selling price are US$2,200, which clearly shows that the project is very popular among collectors, flippers and speculators.

The ultra-rare, gold skin and lazy eyed ape dynamics sought after by collectors also appeared in the LBAC project. Earlier today, a fitting gold skin LBAC was sold for 7 Ether (33,000 US dollars).

Although the LBAC project provided some impressive numbers shortly after casting, look at whether the current hype is purely driven by short-term speculation and flippers, or whether NFT influencers and famous collectors somehow The project will be interesting with open arms, which gives it a status similar to other blue chip projects in space.

Bored Ape Yacht Club is not a public domain project under Creative Commons (CCO), so similar to Larva Labs’ recent dispute with CryptoPhunks, the BAYC community may petition OpenSea to delist the Lil Baby Ape Club project.