Wash Trading and Token Farming Push Trading Volume BAYC Up 1,095%

Wash Trading and Token Farming Push Trading Volume BAYC Up 1,095%
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Digital Collectibles NFTs
NFTs

Check out the NFT sales highlights between 22 and 28 May 2023

Bored Ape Yacht Club (BAYC) has undergone a remarkable surge in 7-day trading volume, reaching an impressive $21.85 million, accompanied by a significant rise in sales. However, a closer analysis uncovers that these numbers may not directly translate to substantial advancements in the project’s development. To gain deeper insights into the NFT market’s recent trends, continue reading the article.

Decoding BAYC’s intriguing NFT metrics

The new week in the NFT market kicked off with BAYC asserting its front spot in DappRadar’s NFT Ranking. BAYC has witnessed a remarkable surge in trading volume, skyrocketing to $21.85 million—a tremendous growth rate of 1,095%. Furthermore, sales have experienced a significant uptick, with 264 transactions recorded, reflecting a rise of 129.09%. 

Bored Ape Yacht Club

However, a closer analysis unveils a fascinating aspect: the number of sales does not necessarily align with the count of unique collectors. So let us delve into the intricacies of these sales, uncovering emerging trends within the BAYC ecosystem.

Wash trading and market dynamics

Within the past two days, Bored Ape Yacht Club recorded around $10 million in trading volume, primarily driven by wash trading. This practice, where traders create artificial volume by trading amongst themselves, has become increasingly common as the Blur marketplace token drop Season 2 approaches. 

BAYC trading volume 7 day

NFT market makers are capitalizing on the Points collecting mechanism to maximize their future profits. Among the 129 sales, it becomes apparent that only around 30 unique Bored Apes were involved. See some of the last week’s heavily traded Apes below:

Also, notably, a significant portion of these sales was attributed to whale wallets, suggesting potential trading activity among their own accounts, although further verification is required. Track some of these whale wallets using DappRadar Portfolio Tracker:

Blur Points farming and NFT collateralization

BAYC has garnered attention as a target for Blur Point farmers due to the unique mechanics employed by the marketplace. NFTs with substantial trading volumes and higher floor prices have the potential to generate greater points for users. BAYC, being one such collection, also offers the additional advantage of a double points benefit. 

Moreover, Blur’s recent launch of an NFT peer-to-peer lending protocol has introduced new possibilities. Bored Apes, being eligible collateral, have increased their appeal for acquisition. This intersection of points farming and collateralization has kept BAYC as a focal point in the dynamic NFT landscape.

For a comprehensive exploration of Blend’s impact on the NFT lending market, we invite you to delve deeper into our in-depth report.

Other noteworthy NFT trends

Unique evolution of Opepen wins NFT community’s heart

Opepen Edition, by renowned digital artist Jack Butcher, has gained significant traction recently. While it might draw a subtle connection to Pepe the meme, the collection’s rising popularity stems primarily from its artistic prowess and forward-thinking approach.

Data from DappRadar reveals notable growth in trading activity for the Opepen Edition collection over the past seven days. The collection has seen a surge of 212.04% in volume, 45.14% in traders, and 63.24% in sales. Furthermore, the floor price for these NFTs has witnessed a month-long increase, ranging from $374 to $1.54k.

Initially released alongside the Checks collection in January, Opepen Edition took a backseat as Jack Butcher focused primarily on developing Checks. However, his attention has now shifted to the evolution of Opepen. This collection introduces a unique mechanism where “collections” exist within the larger collection, comprising 200 subcollections, each consisting of 80 NFTs.

Opepen
Source

Opepen Edition adopts an opt-in system, allowing Opepen holders to participate in the evolution of their NFTs actively. The process involves a window of 48 hours, during which holders can choose to opt in. Presently, the collection features four subcollections, each showcasing partnerships with diverse artists and projects. 

The most recent subcollection, Drop 003 and 004, has a subscription window that closes today at 6 p.m. ET.

Opepen drop 3 and 4

Undead Blocks, another Immutable game, ranks as a top 20 NFT collection

Undead Blocks, a Web3 first-person zombie shooter on Immutable, is igniting the passion of blockchain enthusiasts with its exhilarating undead extermination mission. Players are immersed in an adrenaline-pumping experience as they slay zombies and unlock valuable in-game rewards.

At the heart of Undead Blocks’ success lie the highly coveted NFTs, specifically Weapon Skins and Character Skins. These sought-after assets allow players to not only showcase their unique style but also boost their in-rewards.

Undead Blocks NFT skin

In the past week alone, the trading volume of Undead Blocks’ skins has skyrocketed, reaching an impressive $1.27 million and recording a substantial 9.45% increase. Notably, Undead Blocks stands tall as one of the few Web3 gaming projects featured among the top 20 on DappRadar’s NFT ranking. 

Check out the list of NFT sales highlights

N.B. Dollar values given are correct at the time of sale.

Every week, DappRadar highlights not only the most expensive NFT sales but also the most interesting in the previous seven days. While huge numbers are sure to capture headlines, it’s also essential to highlight emerging trends and keep the DappRadar community ahead.

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