Punks, Bored Apes, and VeeFriends leading the NFT community trend
CryptoPunks, VeeFriends, and Bored Apes are the dominant forces in last week’s Top 10 NFT Sales. A total of 7 out of 10 spots belong to these community-powered generative art projects, but Decentraland claims the number 1 spot.
Even though VeeFriends and Bored Ape Yacht Club aren’t on top of the Top 10 NFT Sales by DappRadar, their presence stands out. These particular NFTs aren’t by definition about investing in art or buying utility in a game, instead they are about inclusion and community. They can be seen as NFT avatars.
Bored Apes Yacht Club, CryptoPunks, and VeeFriend are three completely different NFT collections, but they are also very similar. Each of these NFTs makes the owner part of a community of like-minded people.
For example, CryptoPunks has become the cream of the crop for NFT collectors. On the other hand, the Bored Apes have created an active community with all kinds of exclusive content and services. Thirdly, VeeFriends is the brainchild of serial investor Gary Vaynerchuk. These NFTs give owners perks, including access to upcoming events in 2022, 2023 and 2024.
That’s why these NFTs stand out, and we’re seeing a lot more similar projects popping up across the industry.
By paying $914,000 for a virtual estate inside Decentaland the investors of Republic Realm have made the biggest NFT purchase of the week. The estate consists of 259 land parcels and has been the biggest land purchase in Decentraland so far. An NFT artwork from digital artist XCOPY sold for $174,600, while an NFT car for the racing game F1 Delta Time changed wallets for $166,240.
Top 10 NFT Sales (June 14-20, 2021)
- Decentraland Estate #4247 – $914,060 / 1,29M MANA – buyer’s wallet
- CryptoPunks, punk #8805 – $334,320 / 138 ETH – buyer’s wallet
- XCOPY, Alight Here for Dystopia – $174,600 / 67,3 ETH – buyer’s wallet
- F1 Delta Time, C39 race car – $166,240 / 2 million REVV – buyer’s wallet
- VeeFriends, Patient Panda – $156,880 / 70 WETH – buyer’s wallet
- Bored Ape Yacht Club #4882 – $153,440 / 69,99 ETH – buyer’s wallet
- CryptoPunks, punk #9214 – $144,280 / 57 ETH – buyer’s wallet
- Bored Ape Yacht Club #9361 – $143,050 / 55 ETH – buyer’s wallet
- CryptoPunks, punk #3873 – 141,440 / 59ETH – buyer’s wallet
- VeeFriends, Willful Wizard – $130,120 / 50,55 WETH – buyer’s wallet
Looking at NFT collections
With more than $25 million in trading volume, Axie Infinity is still the biggest NFT collection. Their volume went up 15%, while their numbers of traders and sales increased more than 31%. The tactical battle game and its rewards-based earning mechanism, create an appealing reason for users to jump in the game. However, in terms of growth Axie Infinity stays behind. Bored Ape Yacht Club boosted its trading volume a stunning 140% to more than $18,75 million. This emphasizes that the value of an NFT isn’t only in its utility within an ecosystem, but also in the value the community provides as a whole.
Within the Top 10 NFT Collections over the past 7 days, we find four collections that would qualify as “avatar” NFTs. Each of these NFTs doesn’t provide a lot of utility on their own. However, the true value comes from the community itself through additional features by either the creators or third-parties.
Sure, in the case of CryptoPunks we’re also talking about one of the first NFT collections ever. However, that’s also a message promoted by their community to add value. That same community hangs CryptoPunks billboards on the streets in New York City and Miami, or creates shoes based on certain punks.