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OpenSea volumes go bananas as collectors pile back into Bored Ape Yacht Club NFTs

November 15, 2021No Comments

Crypto Twitter NFT influencers have been relatively quiet for the past two weeks as trading volumes on OpenSea fell to a 3-month low and critical emerging sector analysts say a bear market is approaching.

While overall sales volumes pale in comparison to previous months, certain projects have seen a significant increase in the last week.

Data of Dune Analytics shows that on November 14, the daily amount of Ether traded on OpenSea catapulted from $ 48 million to $ 105 million and, at the time of writing, $ 63.1 million has been traded in Ether.

Ethereum daily volume on OpenSea. Source: Dune Analytics

The increase appears to be connected to more than 900% increase Bored Ape Yacht Club (BAYC) NFT sales volume and associated projects such as Mutant Ape Yacht Club also saw a volume increase of more than 1,000%.

Bored Ape Yacht Club 90 days of volume and minimum price. Source: OpenSea

Recent purchases by celebrities like Jimmy Fallon, the launch of 2,500 limited-edition Rolling Stone magazines with a Bored Ape on the cover, and the announcement that Universal Music Group would form a Metaverse-based band called Kingship are likely the reasons behind the growing interest. in the project.

New bullish news emerged on November 12 after multiple Grammy Award winner and well-known music producer Timbaland announced that his recently launched studio Ape-In Productions would use the BAYC NFT avatars in creating music and animations in various ways. of the emerging ones. Metaverse.

Ape derivatives thrive

Imitation is often said to be the sincerest form of flattery and today this appears to be true in the NFT market. A recently launched project called Lil Baby Ape club (LBAC) is currently seeing massive sales volume on Opensea with 1,417 Ether in volume, reflecting a 207.344% increase in the last 24 hours and a low price of 0.438 Ether.

The Baby Ape launched on November 15 with a mint price of 0.02 Ether ($ 94) and resembles the original BAYC project. Current volumes and the median sale price of $ 2,200 are clear signs that the project is popular with collectors, fins, and speculators.

The dynamics of the ultra-rare, gold-skinned, lazer-eyed monkeys sought after by collectors also appears to be present in the LBAC project and today a gold-skinned LBAC in a suit sold for 7 Ether ($ 33,000).

While the LBAC project is turning out impressive figures shortly after minting, it will be interesting to see if the current hype is driven purely by speculation and short-term fins, or if NFT influencers and notable collectors open their arms to the project in a a way that gives it a similar status to other top-of-the-line projects in the space.

Bored Ape Yacht Club is not a public domain project under Creative Commons (CCO), so similar to Larva Labs' recent fight with CryptoPhunks, it is possible that the BAYC community could request OpenSea to remove the Lil Baby Ape project Club.