NFT Market Escalates by 20 Percent; BAYC Dominates Market


The NFT market is up almost 20 percent today with Bored Ape Yacht Club (BAYC) again coming out on top. The sector generated over $12 Million in volume today. The Securities and Exchange Commission (SEC), a U.S. government agency, has remained aggressive in policing the crypto sector for the past few months. DMarket Catching up With BAYC? BAYC had a trading volume of $1.1 Million according to data aggregator CryptoSlam. Yuga Labs, the collection’s creators, are busy in a class action lawsuit. Plaintiffs allege that the company, alongside renowned celebrities, manipulated the collection’s price. The boom and bust reportedly wiped out a lot of investor funds. Dmarket, a marketplace to trade in-game items, lost 9.57 percent in a day with trading volume slightly lower than BAYC. The platform registered nearly 66K transactions in a day with nearly 6K buyers and sellers. Players can trade items from games like Counter Strike, Team Fortress, Dota and more on the platform. Additionally, it has donated over $17 Million for Ukraine. 


Other NFT collections failed to surpass even a million dollar sales. ImmutableX blockchain based Gods Unchained gained a whopping 224 percent in volume. Formerly Solana-based collection DeGods rose by 41 percent, however, was unable to make it to the top 10. At press time, Ethereum blockchain dominated the 24 hour sales with just over $6 Million in volume. Mythos chain is following with over $1 Million in sales, nonetheless, down by nearly 9 percent. ImmutableX soared by over 300 percent in a day. Solana too, registered some gains but failed to reach the Million dollar mark. CryptoPunks NFTs #8761, #6051, #2706 were the highest grossing NFTs in a day. Total NFT buyers rose by over 5%, meanwhile, overall transactions by more than 1%. Any Significant Move in NFT Sector is Unlikely Justin Beiber, a singer, will soon drop his new song Company as an NFT in collaboration with music technology platform AnotherBlock. 


Owners of the collectibles are eligible for 1 percent royalty. So far, the song has over 500 Million streams over the internet. Recently, Japanese multinational technology company Casio launched Virtual G-Shock with free 15K limited edition NFTs. Users can access a range of events and projects via the G-Shock Creator Pass. According to the press release, a future event will allow the users to design elements of the pass. With regulators’ strict stance over the crypto sector, the NFT market too, may see its impact in upcoming weeks. The market has not yet displayed any significant move this year, the regulatory landscape makes it more unlikely. 


Disclaimer The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of any entities they represent Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an "average guitar player" and a fun footballer. 


Source : [NFT Market Escalates by 20 Percent; BAYC Dominates Market]( undefined - The Coin Republic / September 07, 2023


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