Non-fungible token (NFT) influencers on “Crypto Twitter” have been relatively quiet for the past two weeks as trading volumes on OpenSea fell to their lowest level in three months and analysts critical of the emerging sector they say a bear market is coming.
Although overall sales volumes pale in comparison to previous months, some projects have seen a significant increase in the last week.
Data from Dune Analytics shows that as of November 14, the daily amount of Ether (ETH) traded on OpenSea has catapulted from $ 48 million to $ 105 million, and at the time of writing, $ 63.1 million has been traded in Ether.
The increase appears to be related to an increase of more than 900% in the sales volume of Bored Ape Yacht Club (BAYC) NFTs. and associated projects, such as Mutant Ape Yacht Club, they also experienced a volume increase of more than 1,000%.
Recent purchases by celebrities such as 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 will form a metaverse-based band called Kingship are probably the reasons for the growing interest in the project.
Permission to come a bored? @BoredApeYC #NewProfilePic pic.twitter.com/1pbBt2gB1V
– jimmy fallon (@jimmyfallon) November 12, 2021
Other encouraging news emerged on November 12 after Timbaland, multiple Grammy Award winner and well known music producer, announced that his newly released studio Ape-In Productions would use NFT BAYC avatars in creating music and animations in various aspects of the emerging metaverse.
Derivatives of the “Apes” prosper
Imitation is often said to be the sincerest form of flattery, and as of November 15, this appears to be true in the NFT market. A newly launched project called Lil Baby Ape club (LBAC) is currently seeing a massive sell volume on Opensea of 1,417 Ether, which reflects an increase of 207.344% in the last 24 hours and a minimum price of 0.438 Ether.
The Baby Ape launched on November 15 with a minimum price of 0.02 Ether ($ 94) and resembles the original BAYC project. The current volumes and the average sale price of $ 2,200 are clear indications that the project is popular with collectors, flippers and speculators.
To think these Lil Baby Apes went for 0.02 mint yesterday to this … crazy.
Even crazier the guys who claimed for free when LBAC launched. First 200 mints were for free! https://t.co/jTvN6xtOFn
– Lil Baby Ape Club | SOLD OUT! (@LilBabyApeClub) November 15, 2021
To think these Lil Baby Apes were minted yesterday for 0.02 to this … crazy.
Crazier still those who claimed free when LBAC was launched. The first 200 were free.
The dynamics of the ultra-rare, golden-skinned, lazer-eyed Apes that collectors seek also appear to be present in the LBAC project and Just today an LBAC dressed in a gold leather suit was sold for 7 Ether (USD 33,000).
LBAC # 1604
SOLD FOR 7 $ ETH $ 33019.85! https://t.co/PfKYgOhTs0 pic.twitter.com/e5cragigUL
– Lil Baby Ape Club | SOLD OUT! (@LilBabyApeClub) November 15, 2021
While the LBAC project is reaching some impressive numbers shortly after minting, it will be interesting to see if the current hype is purely driven by short-term speculation and flippers, or if NFT influencers and prominent collectors open their arms to the I project in a way that gives it a similar status to other “blue-chip” projects in the 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 ask OpenSea to delist the Lil Baby Ape Club project.
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