900% Bored Ape Yacht Club Sales Influences 2X Increase in OpenSea Trading Volume

Bored Ape Yacht Club NFTs had a 900% overnight surge while the sales of spin-off Mutant Ape Yacht Club are up 1,100%.

Yesterday can be described as one of the best days for OpenSea and Bored Ape Yacht Club (BAYC) in recent times. As the daily amount of Ethereum traded daily on NFT marketplace OpenSea spikes significantly, sales of Bored Ape Yacht Club NFTs jumped nearly 10X in the last 24 hours. According to Dune Analytics, the amount of ETH traded on OpenSea grew from $48 million to $105 million.

Increased Sales of Bored Ape Yacht Club Causes OpenSea Trading Volume to Jump 2X

The daily volume of Ethereum on OpenSea touched $100 million on the 15th of October, which was also the last time the marketplace recorded such an amount. At the time, OpenSea was frequently recording considerable sums in its daily volume. However, things went quiet for about a month. After a month of low sales, there came a sudden and incredible jump in sales volume for BAYC NFTs on OpenSea. Therefore, the sudden tenfold surge in sales volume for Bored Ape Yacht NFT contributed to the sudden upsurge in OpenSea trading volume.

Bored Ape Yacht Club NFTs had a 900% overnight surge while the sales of spin-off Mutant Ape Yacht Club are up 1,100%.

The BAYC is a collection of 10,000 NFTs living on the Ethereum blockchain. The NFT collection was launched in April. Each verified image is a portrait shot of a cartoon primate generated from a combination of 170 possible traits. These grungy apes wear unimpressed looks on their faces with human clothes on and sometimes metal bodies. The NFTs generated from the sales are stored as ERC-721 tokens on Ethereum.

Backings for BAYC

The NFT project has inspired backing from one of the largest record labels in the world, Universal Music Group.

The multinational music corporation announced on Thursday the formation of an NFT metaverse group called Kingship. The avatars of the Kingship initiative will be based on Bored Ape Yacht Club NFTs owned by popular collector Jimmy McNeils.

Kingship will be giving buyers unique performance in a virtual world setting. This eventually sells more NFTs as the metaverse expands. The group’s music will be put out by 10:22PM – a Universal subsidiary while being managed by Nicolas Adler. Adler currently manages the crypto-friendly Snoop Dogg.

Following the announcement, legendary hip-hop producer Timbaland announced the launch of a BAYC metaverse band. He also set up Ape-In Productions, a metaverse-based entertainment company. The new company is meant to produce music and animations for the project to bolster creators.

AIP is set to release a track tethered to an NFT collectible. The track is called ApeSh!t, and it will be performed by “The Zoo” a music group revealed by AIP.

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Ibukun Ogundare

Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.