Copycat projects flood the market
Bored Ape Yacht Club is one of the latest sensational NFT collections. DappRadar data shows that activity around the project is increasing steadily. Over the past seven days, collectors purchasing BAYC NFTs have spent more than $18 million. This is an increase of 148% week over week.
The number of traders interacting with the Bored Ape collection has also increased significantly. In the last seven days, more than 1,400 traders bought or sold Bored Ape NFTs. This represents a 37% increase compared to last week’s metrics.
The increase in volume is also due to some high-priced sales in the past week. Two Bored Ape Yacht Club NFTs sold for over $140,000 each, thus making it to the DappRadar weekly NFT Top 10. This is not the first time an Ape sells for upwards of $100,000, yet the combination of two such sales in a single week is a great metric booster.
The Bored Apes collection launched in April, however, the collection has already attracted a solid fanbase. While BAYC still hasn’t made it to the top spot in DappRadar’s NFT collection rankings, it’s steadily climbing the ladder, holding second place in the past seven days. Remarkably, it managed to surpass NBA Top Shot, which saw a drop in active traders thanks to a relatively exclusive new drop only for the most dedicated collectors.
Bored Ape Yacht Club copycat projects flood the market
Following the increased interest Bored Ape Yacht Club has witnessed over the past couple of months, a wave of copycat projects launched on the market. Going after the avatar-style design, NFT collections like WickedCraniums and My Fucking Pickle are also attracting a lot of attention on social media.
Some users on Twitter suggest that these copycat projects will successfully follow in the footsteps of Bored Ape Yacht Club. One of the more alluring characteristics of copycat collections is their pricing. As completely new projects, released in just the past couple of days, collectors can purchase avatar NFTs for prices around 0.08 ETH, or around $150.
Of course, there is no way to predict whether copycat collections will become as successful as the Bored Ape collection. However, the increased activity surrounding BAYC has also pushed more collectors towards collections like Slumdoges and Rabid Dogs. An example of that is the fact that Slumdoges already sold out on the primary marketplace. You can only purchase them on secondary markets if they are available.
DappRadar will continue to monitor Bored Ape Yacht Club’s development, as the collection grows more popular. If you want to keep track of your own collection, and keep track of all your wallets, browse around the DappRadar portfolio, which displays all NFTs and assets you have across connected wallets.