The NFT ecosystem has seen a downfalling in monthly trading volume since the crypto market downfall in May, especially compared to its all-time skyrocketing in January of this year.
This week there was a significant increase having the highest daily sales volume of NFTs measured in Ether (ETH) in September and the past 30 days.
12,565 ETH, or $16.6 million, were traded on September 28th. On Sept. 20, the ETH volume dropped to 12,549 ETH, while USD 17 million increased due to Ether price fluctuations.
This week’s efflux can be assigned to $16.75 million in Generative Art sales, $1.3 million in Mutant Ape Yacht Club (MAYC) loan deals, and $4.45 million in CryptoPunks sales.
Tyler Hobbs, creator of Art Blocks’ popular Fidenza project, and Dandelion Wist, co-founder of Archipelago, launches mint passes for their new collection QQL through a Dutch auction on Wednesday.
In this generative art experiment, 900 mint passes were sold out using a rebate mechanism, with all buyers paying the same price after checkout. The auction ended with 14 ETH, but the QQL project collected about 12,600 ETH, or about $16.7 million.
Claiming to “empower collectors as co-creators,” QQL Pass holders can use algorithms to select the output of on-chain art they create.
Many QQL collectors may already be collectors of other generative art pieces and maybe collectors of Hobbs’ Fidenza, a collection recently seen by one owner. Scoop You have won 7 NFTs worth $912,741 within 24 hours.
The success of generative art NFTs have contributed to the growth of the NFT art sector, and the Art Blocks NFT platform stands out such as Fidenza, Chromie Squiggles, and Ringers, to name a few.
Art Blocks, which celebrates its second anniversary in November, is also known for its curated collection of projects that can be submitted by individual artists or collaborations.
This news is published and verified by the NFT News media team.
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