Renewed interest in legendary NFT project
CryptoKitties seems to be tapping into the second of its nine lives, as the trading volume for the digital cats increased 2300% over the past two weeks. On the first day of March, more money went into CryptoKitties than in the last 10 days of February.
With $30.000 per day on average, trading volume for the 2017 NFT project had been relatively low. However, on March 1st collectors spent 352 ETH on CryptoKitties, followed by 228 ETH the day after. At the moment of writing on March 3rd, there have already been 702 thousand dollars (469 ETH) in trading volume.
Over the past few months, the trading volume of CryptoKitties was low. However, since the weekend collectors are spending hundreds of ETH on these digital collectibles. At the moment the average purchase is $2000 or more, giving a very bullish signal.
On OpenSea Cryptokitties has moved up the charts. The feline collectibles are now in the 8th spot with 1145 ETH in volume in the past 7 days. That means that the kittens have surpassed projects like The Sandbox, Decentraland, and Axie Infinity.
The renewed interest for Cryptokitties doesn’t come out of thin air. DappRadar published a valuation report for Cryptokitties last week, predicting a new wave of interest in the digital cats.
NFT collectors like Pranksy, Nifty Report, and NateAlexNFT openly shared their recent acquisitions, possibly igniting renewed interest in the 2017 hit collectible.
Pranksy is one of the most famous NFT collectors on the market. Two weeks ago a bought a CryptoPunk, only to sell it one week later with $750.000 profit. Keeping an eye on his moves through the DappRadar Portfolio Tracker is a good way to see what’s hot and happening.
These NFTs are the first ones ever to incorporate the now-common ERC-721 standard. This protocol allowed digital collectibles to carry treats, and it formed the basis of the Cryptokitties breeding game.
Since its inception in 2017 Cryptokitties has had many breeding events for limited edition digital cats. This includes cats based on the rock band Muse or ones featuring artwork from the Italian duo Hackatao.
Cryptokitties still only exist on the Ethereum blockchain, but they could soon make a move to the Flow blockchain. Both Cryptokitties and Flow are products made by Dapper Labs, and the company indicated that the great kitty migration will happen at some point in the future.