Cryptocurrency Twitter (NFT) influencers have been relatively quiet over the past two weeks as trading volume on OpenSea fell to a three-month low and emerging sector analysts say a bear market is imminent.
While overall sales are down from previous months, some projects have grown significantly over the past week.
Dune Analytics data shows that the daily amount of Ether (ETH) trading on OpenSea has grown from $48 million to $105 million on November 14, and at the time of writing, the amount of Ether is $63.1 million.
Ethereum daily volume on OpenSea. Source: Dune Analytics.
This increase appears to be due to an increase in sales of NFT Bored Ape Yacht Club (BAYC) of more than 900% and related projects such as Mutant Ape Yacht Club, which also increased by more than 1,000%.
Yacht Club Bored Ape 90 days, size and minimum price. Source: OpenSea
The recent acquisitions of celebrities like Jimmy Fallon, the launch of a 2,500 limited edition Rolling Stone magazine that featured a bored monkey on the front page, and the announcement that Universal Music Group would create a metaverse-based group called Kings are potential reasons for the growth. benefit. in the project.
More upbeat news emerged on November 12 after Timbaland, a multi-Grammy winner and celebrity music producer, announced that his newly established studio Ape-In Productions would use BAYC NFT’s avatars to create music and animation in various aspects of the novelty. metaverse.
Monkey products are booming
Mimicry is often said to be a true form of flattery, and as of November 15th, it appears to be true in the NFT market. A recently launched project called Lil Baby Ape club (LBAC) is currently seeing massive sales at Opensea with 1,417 Ethers, reflecting an increase of 207,344% in the past 24 hours and a decrease of 0.438 Ether.
Baby Ape launched on November 15 with a new price of 0.02 ether ($94) and they repeat the similarities to the original BAYC project. Current volumes and an average selling price of $2,200 are clear signs that the project is popular with collectors, flippers and speculators.
The extremely rare gold-skinned and azure-eyed ape dynamics that collectors are looking for is also apparently on the LBAC project, and back in the day the matching gold-skinned LBAC was sold for 7 ethers ($33,000).
While the LBAC project shows impressive numbers soon after it was minted, it will be interesting to see if the current hype is only driven by short-term speculation and gossip, or if NFT influencers and famous collectors open their arms to the project in some way. This gives it a status similar to that of other big companies in the space.
Bored Ape Yacht Club is not a public real estate project under Creative Commons (CCO), so like Larva Lab’s recent steak with CryptoPhunks, the BAYC community may ask OpenSea to take down the Lil Baby Ape Club project.