OpenSea volumes turn bananas as collectors pile into NFT Bored Ape Yacht Club

Crypto Twitter’s non-fungible token (NFT) influencers have been relatively calm over the past two weeks, with transaction volumes on Open...

Crypto Twitter’s non-fungible token (NFT) influencers have been relatively calm over the past two weeks, with transaction volumes on OpenSea falling to their lowest level in three months and critical analysts in the emerging industry say a bear market is at hand.

While overall sales volumes pale in comparison to previous months, some projects saw a big increase in the past week.

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

Daily Ethereum volume on OpenSea. Source: Dune Analytics

The surge appears to be related to more than 900% increase in the sales volume of NFT Bored Ape Yacht Club (BAYC) and related projects like Mutant Ape Yacht Club, the volume also increased by over 1000%.

Bored Ape Yacht Club Volume and 90 day floor price. Source: OpenSea

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

Further bullish news emerged on November 12 after Timbaland, a multi-Grammy winner and well-known music producer, announced that his new studio Ape-In Productions would use BAYC NFT avatars in the creation of music and performance. animations in various aspects of the MĂ©tavers emergence.

Monkey derivatives thrive

It is often said that imitation is the sincerest form of flattery and as of November 15th it seems to be true in the NFT market. A recently launched project called the 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 floor price of 0.438 Ether.

The Baby Ape launched on November 15 with a new price of 0.02 Ether ($ 94) and they look like the original BAYC project. The current volumes and the average selling price of $ 2,200 are clear signs that the project is popular with collectors, pinball machines and speculators.

The dynamics of the ultra rare golden skinned, laser-eyed monkeys sought after by collectors also seem to be present in the LBAC project and earlier today a suitable golden skinned LBAC sold for 7 Ether ( $ 33,000).

With Project LBAC showing impressive numbers soon after the mint, it will be interesting to see if the current hype is purely driven by short-term speculation and pinball machines, or if NFT influencers and notable collectors open up the arm to the project in a way that gives it a similar status to other top notch projects in space.

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