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TIME Magazine Causes NFT Mania

Posted by
Robert Hoogendoorn

TIME Magazine has caused a complete NFT mania in the past 24 hours!

TIME Magazine has caused a complete NFT mania in the past 24 hours. It started on Thursday by pushing transaction fees on the Ethereum blockchain to record heights, followed by $23.4 million in NFT trading volume. This has pushed TIME Magazine’s collectibles to the top spot in the DappRadar Top NFT Collections over the past 24 hours.

When TIME launched their NFT collection, user could mint their NFTs against a payment. Gas fees rose to incredible heights, as buyers were competing for bandwidth on the already busy Ethereum blockchain. According to Etherscan the highest measured gas fee was 10.032 Gwei, while the average during the week is anywhere between 60 and 90 Gwei. That meant that minting an NFT from TIME Magazine would cost thousands of dollars in transaction fees.

Yet, the NFTs from the TIMEPiece Community collection sold out. They have now revealed all the artworks, coming from 40 artists including FUCKRVNDER and Micah Johnson. On the secondary market already more than 7000 NFTs found a new owner, generating $23.35 million in trading volume. TIME generated enough trading volume in less than 24 hours to make it into the top 5 most valuable NFT collections over the past 7 days.

To own the complete NFT collection, one needs to obtain 40 NFTs. At the moment there are only 3 NFT collectors who have more than 40 pieces. You can see these 3 collections by following the links below.

DappRadar Portfolio

Login to DappRadar using your web3 wallet, for example Metamask or WalletConnect. You can then get insights into your tokens, NFTs and DeFi positions. The DappRadar Portfolio tracks all your assets in one place, giving you a perfect overview. Straight from your portfolio, you can list NFTs for sale or trade tokens at the best rates available on the market.

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