It’s been a quieter couple of weeks in the realm of Crypto Twitter and NFT land. The influencers, known for their boisterous banter and meme-filled timelines, appear to have taken a breather as trading volumes on platforms like OpenSea have plummeted to a three-month low. Analysts are ringing the bear market alarm, claiming the good times might be over for the moment.
Volume Variations: Peaks and Valleys
However, just as an introverted cat decides to show love, certain NFT projects have purred back to life. According to data from the analytics mavericks at Dune, trading activity on OpenSea saw a heart-stopping surge on Nov. 14. Ether (ETH) traded jumped from a lukewarm $48 million to a sizzling $105 million, and as of this writing, the ether tide is still rolling in at $63.1 million.
The Celebrity Effect: Bored Apes Become A-Listers
So, what’s behind the sudden resurgence? Turns out, [drumroll please]—celebrity endorsements! The Bored Ape Yacht Club (BAYC) has seen a staggering increase in its sales volume, with a 900% uptick thanks to purchases from high-profile names like Jimmy Fallon. Even The Rolling Stone got in on the action, releasing a limited edition magazine featuring a Bored Ape on its cover!
Other Projects Jumping on the Bandwagon
- Mutant Ape Yacht Club saw an even greater boost, rocking a 1,000% increase in volume.
- Music mogul Timbaland recently revealed plans for using BAYC avatars in the Metaverse. Artists have officially joined the NFT party!
New Kids on the Block: Lil Baby Ape Club
And here comes the adorable rival! The Lil Baby Ape Club (LBAC) burst onto the scene like a toddler crashing a party after 10 cups of sugary juice. Launched on Nov. 15, this project is seeing insane levels of demand, with a whopping 207,344% surge in volume. You read that right! No need for an Excel spreadsheet to figure out those gains.
The Mint that Shocked Us All
Minted at a mere 0.02 ETH (roughly $94), these Lil Baby Apes are now being resold at average prices around $2,200, demonstrating that children aren’t the only ones throwing tantrums— collectors want their shiny new toys!
Risk vs. Reward: Flippers and Speculators
As a new craze envelops the NFT space, one can’t help but wonder: is this a flash in the pan, or are we witnessing the birth of another blue-chip darling? While LBAC is impressively selling, the question remains whether it can withstand the test of time or be left behind as collectors move onto the next ‘hot thing.’
Community Concerns
Before joining the ranks of classic projects, LBAC may have to navigate some choppy legal waters. Bored Ape Yacht Club is not a public domain project, so don’t be surprised if its community takes action to push for LBAC to be delisted. Such is the nature of today’s NFT jungle!
