The recent rise in the price of ether made NFTs worth much more – which moved the market quickly
The 12% increase in the value of ETH has led to a corresponding increase in the value of NFTs built on the Ethereum blockchain, with owners taking advantage of the sudden appreciation to sell for ETH. This has led to a surge in trading volume for high-value NFT collections, such as Bored Ape Yacht Club and Mutant Ape Yacht Club, which saw their trading volume increase by 100%.
Highlights
- In a move that has sent the NFT market quickly into overdrive, yesterday’s Ethereum price pump has seen collections like Bored Ape Yacht Club and Mutant Ape Yacht Club double their trading volume.
- OpenSea, Ethereum’s most popular NFT marketplace, saw an increase of 35% in the number of traders during the same period.
- You can see the most expensive recent NFT sales at DappRadar’s NFT Overview.
The greater the value, the greater the speculation
NFT investors are known to buy digital assets as both a long-term hold and for short-term flipping. Whoever held blue-chip NFTs like BAYC during ether’s appreciation found himself in a great (and risky) opportunity to make quick money.
Of course, this was all on the assumption that these collectors had bought the NFTs at a lower price than they sold them.
You can find a list of all NFT transactions in the Bored Ape collection on DappRadar, sorted by time of sale or value.
At the time of writing, the Bored Ape collection had a floor price of 73.3 ETH (around $113,597), and Mutant Ape NFTs had a floor price of 13.2 ETH ($20,493).
With ether prices on the rise, NFTs became hot commodities in the trading world. Bored Ape Yacht Club and Mutant Ape Yacht Club have seen their trading volume increase by 100%, thanks to the recent ether price pump.
Take a look at how the BAYC collection’s volume and average sale price changed throughout the week.
As ETH values continue to rise, we can expect to see more activity in the NFT market.
Check the prices below in the same period.
It is not the first time that the effects of the cryptocurrency market have impacted NFTs. Our latest NFT industry report showed that NFT financials fell in Q3, but on-chain metrics remained bullish.
Not all NFT trades are profitable
During the hype, another curious event caught the community’s attention. Franklin, an NFT influencer and the sixth largest collector of NFTs in the BAYC collection, accidentally sold one of his Apes, Bored Ape #7303, for the incredibly low sum of 9 ETH.
Then, to re-compose his collection and his nickname “Franklin has 61 apes”, he returned to buying another NFT similar to the one he had previously sold – this time at a normal market value.
Franklin bought Bored Aped #2368 for 69.9 ETH, resulting in an unfavorable trade for him. The accident was due to his “fat finger”, as he exposed in a tweet, and it left him with 60.9 less ETH in his wallet, about $90,000.
You can check all NFTs in Franklin’s millionaire wallet using DappRadar Portfolio Tracker.
Keep up with the latest NFT news
If you want to learn more about NFTs, our guides and reports introduce you to this ever-evolving space.
Moreover, DappRadar allows you to oversee and manage your NFT portfolio and track the best collections on Ethereum. See how in the video below.
Don’t miss out on the latest NFT news. Follow us on Twitter or join our Discord server for real-time updates on the top dapps and collections.
Useful links
- View NFT Collections Explorer on Ethereum
- Check out your crypto and NFT Portfolio Tracker
- See recent Top NFT Sales
- Learn all about NFTs with DappRadar’s guides
The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your own research.
Newsletter
