30,72 ETH revenue from Capped Dogecoins for Billy Markus
In the past 24 hours, the trading activity on NFT marketplace Rarible increased 84% to more than $728,240, mainly thanks to the success of Dogecoin creator Billy Markus. He sold 30,72 ETH worth of NFTs depicting the famous Dogecoin dog.
Billy Markus is best known for his work on Dogecoin, the cryptocurrency he started as a joke in December 2013. Even though he stepped away from the currency’s development two years later, his name remains connected to the famous meme coin ever since.
He’s now making the best of his fame. Under the nickname Billym2k, the former Dogecoin developer minted a whole bunch of NFTs on Rarible. His verified account confirms he’s the real deal, attracting NFT collectors willing to spend thousands.
The NFTs on sale come from two different collections: Rarible and Foundation. Most of the assets on his profile sold already through Foundation in earlier auctions. However, Markus is still selling Capped Dogecoins for 0.69 ETH. At the moment of writing there are still 32 out of 420 Capped Dogecoins left.
Hype dropped, but NFTs here to stay
In the first quarter of the year, NFTs experienced hyper growth in popularity. In Q1 2021 NFTs were good for more than $1,5 billion in transaction volume, according to the DappRadar Industry Report. NBA Top Shot had great success with $500 million in volume during the first three months of the year, and in addition, celebrities jumped in to reap the rewards. In April and May, the NFT industry has not been able to replicate that success, as the volume has dropped to approximately $700 million.
Even though the hype died down a bit, nobody can say that an industry responsible for $350 million per month is failing. Judging by recent investments in for example Mythical Games and Animoca Brands, the technology is getting ready for more utility and broader adoption across businesses and entertainment products.