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

The influencers of Crypto Twitter (NFT), the nonfungible token crypto Twitter (Crypto Twitter) have been quiet in the last two weeks, as trading volumes on OpenSea fell to a three-month low. Analysts critical of the emerging sector also believe that a bear market may be imminent.

Although overall sales volumes are down compared to previous months’, some projects saw a significant increase in the past week.

Dune Analytics data shows that the daily Ether (ETH), traded on OpenSea on Nov. 14 rocketed from $48 million up to $105 millions and, at the time this article was written, $63.1 million has been traded in Ether.

OpenSea Daily Ethereum Volume Source: Dune Analytics

This surge is likely to be related to a more than 900% increase in Bored Ape Yacht Club’s (BAYC), NFTs, and associated projects such as Mutant Ape Yacht Club. The volume also increased by over 1,000%.

Bored Ape Yacht Club 90 day volume & price floor. Source: OpenSea

Celebrities like Jimmy Fallon recently purchased the magazine, as well as 2,500 limited-edition Rolling Stone mags featuring a Bored Ape on the cover. The announcement by Universal Music Group that they would create a Metaverse-based band called Kingship is likely to have fueled interest in the project.

Permission to be bored? @BoredApeYC #NewProfilePic pic.twitter.com/1pbBt2gB1V
— jimmy Fallon (@jimmyfallon), November 12, 2021

Further bullish news was released on Nov. 12, when Timbaland, a multi-Grammy Award winner and well-known music producer, announced that his new studio Ape-In Productions would use BAYC NFT avatars to create music and animations in different aspects of the emerging Metaverse.

Pe derivatives thrive

It is often said that imitations are the best form of flattery. This appears to be the case in the NFT market as of Nov. 15. The Lil Baby Ape Club (LBAC), a newly launched project, is seeing huge sell volume on Opensea, with 1,417 Ether volume. This reflects a 207.344% increase over the last 24-hours and a floor at 0.438 Ether.

The Baby Ape’s were launched on Nov. 15, with a mint price of 0.02 Ether ($94). They are modeled after the original BAYC project. The project’s current volume and average sale price of $2,200 is a clear sign that it is popular with collectors, flippers, and speculators.

These Lil Baby Apes were only 0.02 cents yesterday. It was even more crazy that the men claimed LBAC for free. The first 200 mints were free! https://t.co/jTvN6xtOFn
SOLD OUT! (@LilBabyApeClub November 15, 2021

Collectors are interested in ultra rare, lazer-eyed, and gold-skinned apes. A suited, gold skinned LBAC was sold earlier today for 7 Ether ($33,000).

LBAC #1604 SOLD – 7 $ETH 33019.85 https://t.co/PfKYgOhTs0 pic.twitter.com/e5cragigUL
SOLD OUT! (@LilBabyApeClub November 15, 2021

The LBAC project is showing impressive results just a few days after it was launched. It will be interesting to see if the current hype is driven by short term speculation or flippers. Or if NFT influencers, notable collectors, and NFT influencers, openly embrace the project in a manner that gives it an equivalent status to other blue-chip space projects.

Bored Ape Yacht Club does not fall under Creative Commons (CCO). This is similar to Larva Labs’ beef with CryptoPhunks. It’s possible that the BAYC group could petition OpenSea for the Lil Baby Ape Club to be removed from the OpenSea list.

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Jason Basler

Jason Basler– Financial Updates My Name is Jason Basler and I am also the main source from the ‘Topnewsscoop.com’ of all the exclusive and most delicate visualization of the activities in the business sector. My first step towards this journey was taken in the very early years of my life. I started with an independent financial consultant. However, I only had almost 4 years of skills and experience in this market. I have always been a free personality and like to fly one place to another, to explore more and more. Moreover, this passion and craze of traveling gave me a chance to report a section for best news associations. Last but not least, I am presently working full-time as an editor. Address: 4830 Crim Lane Dayton, OH 45402, United States of America Phone Number:  +1 937 727 7917 Email: [email protected]

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