BAYC Sewer Pass NFT and its ‘sales story’ might just leave you surprised – Sewer Pass NFT has gathered over 7,000 ETH as the floor price gets to over $2,500.- Sewer Pass creator deployed the NFT with a 5% creator fee included.The highly awaited launching of Yuga Labs’ most recent game, Sewer Pass, began on 18 January.How did the newest NFT in the ecosystem fare, and what unique twist did the developers add? Sewer Pass to the moon? The commencement of the minting of the Sewer Pass NFT was announced on 18 January by The Bored Ape Yacht Club (BAYC) Twitter account.Over 4,000 ETH, or more than $6 million, in total sales volume, were registered within the first few hours of the announcement’s dissemination.
Additionally, according to statistics from Dune Analytics, over 1,600 of the NFTs were sold at the end of the first day of distribution.
According to data from OpenSea, the Sewer Pass NFT has amassed more than 7,900 ETH in total as of this writing.The floor price of the recently issued NFT had also increased from the initial 1.2 ETH area at launch to roughly 1.7 ETH, or over $2,500.Free Pass for Yuga NFT holders Bored Ape Yacht Club (BAYC) or Mutant Ape Yacht Club (MAYC) NFT were given free access to the NFT mint.With the NFT, holders can participate in the skill-based game Dookey Dash from 19 January to 8 February.The scores they earn will be incorporated into a larger game titled Chapter 1.The mint’s website states that there are four distinct Sewer Pass levels.
BAYC and MAYC NFTs holders are placed in different tiers depending on whether or not they also possess Bored Ape Kennel Club NFTs.No Pass on creator fees The Sewer Passes became the subject of Twitter discussion because its underlying smart contract included a blocklist.Other prominent secondary marketplaces like LooksRare and NFTX have had some of their email addresses blocklisted.In November, OpenSea chimed in on the heated discussion over creator fee implementation on NFT marketplaces.
The NFT platform argued for the permanent implementation of creators’ fees.They offered their own solution to the fee implementation and also made it open-source.Furthermore, the open-source nature of the enforcement code by OpenSea allowed creators to blocklist platforms with zero fees.You may also remember that BAYC’s original creators advocated for the imposition of creator fees.So, the recent events surrounding Sewer Pass shouldn’t come as much of a surprise.
– Ethereum-based NFTs have seen the most activity since 2023 started.- CryptoPunks held an 8.10% share of the total NFT market capitalization at press time.The overall stability in the general cryptocurrency market since the start of the 2023 trading year has led to renewed interest in profile picture NFTs (PFPs), with Ethereum-based NFT collections seeing the most traction.
According to data from CryptoSlam, with 726,992 Ethereum [ETH]-based NFTs sales transactions completed since the year started, sales volume on the network totaled $289.47 million at press time.Furthermore, in the last 17 days, the highest daily sales volume on the network stood at $30.11 million on 6 January.“Punk” NFTs for the win After a momentary decline in market share during December 2022, the CryptoPunks NFT collection reclaimed its spot as the project with the largest market capitalization in the NFT vertical of the crypto ecosystem.According to NFT analytics platform NFTGo, CryptoPunks’ market capitalization stood at $1.71 billion at press time.
In the last month, this rallied by 14%.Also, increased trading activity for the CryptoPunks NFT collection in the last 30 days led to a 42% jump in sales volume, per NFTGo.
As a result, sales volume within the period under review totaled $21.06 million.The project’s floor price has grown tremendously in the last month, data from NFT Floor Price showed.Within that period, the price per CryptoPunk NFT went up by 6%.At press time, an NFT from the CryptoPunks collection was obtainable for 67.47 ETH.With a market capitalization of $1.71 billion, CryptoPunks held on to an 8.10% share of the total market capitalization of $22.7 billion.
It was closely followed by Bored Ape Yacht Club , which had a market capitalization of $1.68 billion with an 8.03% market share.Interestingly, a consideration of all-time sales volume for both BAYC and CryptoPunks revealed that more BAYC NFTs have been sold.The craze for PFPs returning? The year so far has been marked by an uptick in NFTs trading activity as buyers and sellers alike have increasingly interacted in several marketplaces, thereby completing a plethora of sales transactions.The NFT market has seen an uptick in trading activity as 2023 kicks off.pic.twitter.com/sLXfdvOZOD — Delphi Digital (@Delphi_Digital) January 16, 2023 Per data from Dune Analytics, the count of NFTs transactions completed so far this month has totaled 144,105, exceeding the forecasted 124,689.128,450 of those transactions were completed on OpenSea.So far this month, NFTs sales transactions worth $471 million have been completed, and the general market capitalization has gone up by 7%.
– Yuga Labs drives growth in the Ethereum NFT market.- Mutant Ape Yacht Club, BAYC see an increase in NFT volume and sales.According to data provided by Dune Analytics, there was a significant spike in the number of Ethereum [ETH] NFT trades over the last few months.One potential reason for this growth is the success of Yuga Labs, a company that takes up much of the Ethereum NFT market.Read Apecoin’s [APE] Price Prediction 2023-2024 Bored Apes headlining the NFT space According to Dune Analytics data, Yuga Labs’ NFTs captured 22.8% of the overall crypto market.Thus, making it a major player in the industry.
A standout NFT from Yuga Labs is the Mutant Ape Yacht Club [MAYC], which saw its floor price increase over the past few months.This could be a sign of MAYC’s growing popularity and demand.Another NFT collection from Yuga Labs that observed success was Bored Ape Yacht Collection .In the past month, the volume for BAYC increased by 22.3% and the number of sales of the BAYC NFT grew by 3.4%, according to data provided by DappRadar.
At the time of writing, the overall volume for BAYC was $19.16 million.This indicated that BAYC was a popular choice among NFT collectors and traders and could have contributed immensely to the rise in Ethereum NFT trades.
However, not all NFTs from Yuga Labs saw success.
Data from OpenSea showed that the volume and sales for Crypto Punks, another NFT from Yuga Labs, declined in the last seven days.
The volume for the Crypto Punks collection declined by 15% and the overall sales fell by 2% over the past week.The success of Yuga Labs’ NFTs may also have an impact on ApeCoin [APE], the native token for BAYC and MAYC.Are your APE holdings flashing green? Check the profit calculator ‘Whale’ing and ‘Ape’ing… It appeared that whales, or large holders of APE, were showing interest in the token.According to data provided by Santiment, the percentage of APE being held by large addresses increased significantly over the past month.
However, network growth for APE decreased, which could indicate that ApeCoin wasn’t able to generate interest from new addresses.Another alarming factor for Apecoin would be the declining staking rewards being provided to holders.According to data from Dune Analytics, staking rewards for APE declined immensely over the past month.This could impact the interest in ApeCoin from the market.At the time of writing, APE’s price grew by 3.20% in the last 24 hours and was trading at $4.81.It remains to be seen how the success of Yuga Labs’ NFTs will continue to impact the Ethereum NFT market and the state of APE.
– Number of unique APE holders continue to grow – The NFTs associated with APE witnessed improvements as well In a recent post made by crypto analytics firm Delphi Digital, it was stated that the number of unique addresses holding APE grew substantially over the last year.Are your APE holdings flashing green? Check the profit calculator Since March 2022, the number of APE holders increased from 20,000 to 100,000.One of the reasons for the growth in number of APE holders could be due to APE’s staking rewards program.There are over 100,000 unique wallets holding $APE.
pic.twitter.com/G78LTwHfK0 — Delphi Digital (@Delphi_Digital) December 31, 2022 According to data provided by Dune Analytics, it was observed that the number of APE holders staking their APE had increased.The TVL generated by staking the APE also observed growth.
Furthermore, throughout December 2022, the TVL generated by staking APE in the BAYC pool grew from $627,000 to $29.3 million.The estimated Annual Percentage Yield (APY) also increased and was 224% at the time of writing.Another reason for the increasing interest in APE would be the popular NFT collections associated with the token.Bored Ape Yacht Club (BAYC) witnessed significant growth over the last month.
Its floor price increased by 4.07% in the last 30 days, and the number of whale sales increased during that duration as well.Other NFT collections associated with ApeCoin such as Mutant Ape Yacht Club (MAYC) also saw growth.According to data provided by DappRadar, MAYC’s volume increased by 52.31% in the last 30 days.At press time, the overall volume for MAYC was $38.25 million.
Having a look onchain This interest generated by the NFT collections translated to APE’s on-chain activity as well.Over the last few days, the velocity of APE increased massively.This implied that the frequency with which APE was being exchanged among addresses accelerated.The amount of daily active users using APE remained consistent during this period.How many APEs can you get for $1? Despite the increasing interest and growing activity around APE, most APE holders continued to hold the token at a loss as its price declined.
This was demonstrated by the declining MVRV ratio of APE.The declining volume of transactions in loss indicated that APE holders were willing to hold on to their token and wait to be profitable.Many of the holders at a loss were short term holders.
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