As the Bored Ape Yacht Club (BAYC) sees an explosive rise in trading volume and sales, underlying trends reveal a market that’s not as transparent as it appears. This article brings to light the obscured dynamics at play.
Charting uncharted waters: BAYC’s NFT metrics
Following a staggering 1,095% growth in trading volume and an increase of 129.09% in sales, BAYC commands the frontlines of the NFT market, according to DappRadar‘s NFT Ranking. Yet, these numbers do not necessarily align with the count of unique collectors. This discrepancy sparks curiosity and calls for closer scrutiny of the driving forces behind the surging sales.
Artificial tides: wash trading and the BAYC ecosystem
BAYC trading volume soared to around $10 million in just two days, primarily propelled by wash trading. As Season 2 of the Blur marketplace token drop approaches, traders have adopted this practice to create synthetic volume. Despite the 129 recorded sales, merely 30 unique Bored Apes were involved, suggesting an intriguing pattern of market dynamics. A glance at the wallets of prominent traders provides additional insight into these practices.
Reaping rewards: Blur Points farming and NFT collateralization
The Blur marketplace’s unique mechanisms have positioned BAYC as a prime target for Blur Point farmers. NFTs with high trading volumes and superior floor prices stand to generate more points for users, and BAYC fits the bill perfectly. The recent launch of Blur’s NFT peer-to-peer lending protocol, which qualifies Bored Apes as eligible collateral, further magnifies the appeal of BAYC. The intertwining of points farming and collateralization keeps BAYC in the NFT market’s spotlight.
Notable trends: other NFT collections making waves
In addition to BAYC, other collections are gaining traction within the NFT community. One such example is the Opepen Edition by Jack Butcher, which has seen a significant increase in trading activity and floor prices. The collection’s unique mechanism, which involves 200 subcollections within the main collection, and its opt-in system have won over the hearts of many NFT enthusiasts.
The immersive game Undead Blocks, a first-person zombie shooter powered by Web3, has also earned a place among the top 20 NFT collections. The game’s NFTs, particularly Weapon Skins and Character Skins, serve as prized assets, boosting in-game rewards and allowing players to express their individual styles.
It’s clear that in the wild waters of the NFT market, it’s not always smooth sailing. With so many players trying to “ape” success, it’s essential to keep a keen eye out for red flags—or you might end up feeling “bored” with your investments!
Source: nft.news
This information is published by the NFT News media team.
