Thursday, January 27, 2022
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By Palak Malhotra
Published 51 mins ago Updated 51 mins ago

NFTs have started 2022 with a bang as OpenSea NFT marketplace’s one day trading volume touched all time high (ATH) at $240 million on January 2. Furthermore, according to Chinese journalist, Colin Wu OpenSea’s trading volume for the month of December 2021 surpassed the $3 billion mark. While the consistently hiking trading volumes are unsurprising given the NFT frenzy, yet this time around Wu specified that the credit goes to the top two NFT projects – the Bored Ape Yacht Club (BAYC) and the Mutant Ape Yacht Club (MAYC).

BAYC & MAYC dominance continues in 2022

The premium NFT collections – BAYC and MAYC are topping the NFT market charts. Especially, the past week, from leaving 2021 to entering 2022 saw both projects outperform with over 40 percent hike in the floor price over the weekend. According to DappRadar, seven-day volumes for MAYC and BAYC stood at $91 million and $84 million, respectively.

This further displayed an increase of 43 percent for MAYC tokens and a whopping 153 percent for BAYC collection. Pushing the frenzied collections, the Hollywood celebrity rapper, Eminem added to the BAYC and MAYC popularity when he bought the Bored Ape #9055 for 123.45 Ether (ETH), which amounted to $452,000.

Image Source: DappRadar

This is not the first time that mentioned pair of Ape NFTs have showcased a noteworthy performance in the tokenised landscape. According to CoinGape’s reportage during the last week of 2021, it was noted that MAYC collection’s trading volume surpassed 5200 ETH in the duration of just 24 hours, amounting to a 221 percent hike.

Additionally, the Bored Ape Yacht Club (BAYC) along with the Mutant Ape Yacht Club (MAYC), and Bored Ape Kennel Club (BAKC) outmatched other NFT projects in 2021, securing their place in the premium NFT collection market. In the last month of August, all the three collections combined amassed over 170,000 ETH, i.e., $644 million of the trading volume.

The overall NFT adoption in 2021 was in itself remarkable. According to Chainalysis 2021 NFT market report, approximately $26.9 billion worth of NFTs were traded across all NFT marketplaces, ascertaining its rising dominance.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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