NFT trend was assumed to be dead; the search for the term ‘NFT’ has been drastically reduced in the google search. However, the recent massive NFT sale on Opensea NFT marketplace says a different story about this digital art hype. Opensea witnessed a record one-day trading volume of $476 million on Sunday. The new daily trade volume has surpassed the previous one-day high of $323 million. This single-day transaction was processed on Ethereum Blockchain.
Otherside: Bored Ape Yacht Club’s Metaverse
Although the NFT craze is not the same as in the past few months, people are still willing to spend thousands of dollars to collect digital arts. Bored Yacht Club, one of the most successful NFTs collections, has brought another wave of NFTs. This it’s not only Bored monkey faces but parcels of land in its upcoming 3D metaverse.
Yuga Labs, the parent company behind the Bored Apes, has launched its ‘Otherside’ metaverse project. On Sunday night, the company opened the sale of Otherdeeds NFTs, which represents virtual land in BAYC’s coming metaverse game.
While the company made a whopping $258 million, the total trading volume on Opensea touched $476 million in a single day. As these NFTs are based on the Ethereum blockchain, the rush to acquire virtual land drove the gas fees to the highest level in history. The gas fee spiked from 800 Gwei to 7000 Gwei during the sale. Users spent nearly $176 million on the gas fees in 24 hours.
Opensea is a leading NFT marketplace with high daily trading volume and supports many blockchains. However, the volume has been declining gradually. The volume of total NFT traded on 30th April was $84 million. The new spike in trading volume is still continuing, with a total of $254 million worth of NFT being traded on 2nd May.
Aurora has worked with a leading crypto news site as a Journalist. Aurora is working as Senior Journalist with Coinfea. She loves to travel in her free time.