- 4 days ago
OpenSea hits a record breaking $3B in monthly trading volume, following the public Bored Ape Yacht sale on Aug 28
You’ve seen them all over twitter. An unresponsive cartoon avatar that has no function other than to be looked at. Funnily enough, alongside CryptoPunks, they are some of the best selling digital collectibles in the NFT sector. Now there are more of them, not to mention that they are selling for eye-watering sums of money. The Bored Ape Yacht (BAYC) collection is the most traded collection on OpenSea as of yet.
The Non-fungible token collection, sold 10,000 of their apes in just one hour in their recent public sale. $96 million worth of apes were sold. In addition to this, members of the Bored Ape Yacht club received mutant ape NFTs for free. Ape holders were given one of three serums , M1, M2 or M3, allowing their apes to ‘create’ a similar looking ape or if they received an M3 serum, a completely different one. These new apes are part of the “Mutant Ape Yacht Club” (MAYC). This drop was an exciting one for Bored Ape holders as they could mint an extra token free of charge.
The apes that were handed out for free or sold for around $10,000, now sell on OpenSea for a minimum of $22,400 each.
More about the Bored Ape Yacht Club (BAYC)
Similar to CryptoPunks, these NFTs are also 10,000 randomly generated avatar characters. Each ape possesses different features and the more rare the features, the more the ape is worth. 1% wear tweed, 3% have zombie eyes and 5% possess blue fur.
Statistics have presented, the BAYC collection has generated around $88.4 million in trading volume, since its launch in April 2021.
According to CryptoSlam, the project reached a sum of $354 million in sales. This NFT project is also ranked number 5 in popularity, as of yet.
The OpenSea Storm
As OpenSea hits a record-breaking sum of $3B in this month’s trading volume, much of its success is attributed to the sales of Bored Apes. The Bored Ape Yacht project experienced its largest sale this month; Bored Ape #3749 was sold on OpenSea for a staggering $1.3 million ( 400 ETH). As of now, the Bored Ape is priced at $4.8 million (1,500 ETH).
The fast adoption of these digital assets incites excitement amongst the public and it seems as though investors are gravitating towards joining in on viral trends. Amongst these investors worthy of mention is NBA champion- Stephen Curry, who recently purchased Bored ape #7990 for $180K. Curry purchased the ape for a lot more than double of its initial price. Previously, Curry’s ape was sold for 0.68 ETH and 1.5 ETH.
Curry’s ape has zombie eyes, wears a tweed suit and has blue fur. These features are amongst the most rare ones in the collection. In addition, he announced his purchase by updating his profile photo on Twitter of his purchased Bored Ape. Notably, Bored Ape owners often put their apes as their photo on their twitter profiles to show off their membership in the club.
Whats next for the Bored Ape Yacht Club?
A Sotheby auction for a collection of Bored Apes is expected to take place on September 2. Indeed, the auction will provide significant exposure for the project, however there are those who are unhappy about this sale:
“Why are we selling our JPEGs via Sotheby’s and Christie’s who take a 25% cut? We need to stop looking to old school institutions for validation”.Meltem Demirors of CoinShares, Twitter
The NFT craze
The drastic boom in the NFT market suggests that society is gravitating towards viral trends that may not have a significant explanation. Bankman-Fried expresses this phenomenon in an interview with CNBC, stating that NFTs are “ almost going mainstream faster than the mainstream understands what it is they’re adopting, which is a weird phenomenon”.
Nonetheless, NFTs and joining in on trends provide a sense of ‘‘collectivism’, a feeling that human nature desires.
Although some may not be gravitated through explanation, the fact of the matter is, that gaining the rights of ownership over unique art is appealing. The fact that data on the blockchain is impossible to alter provides a strong sense of ownership to art collectors or other investors and can create prosperous opportunities in the future.