Amidst a recovering crypto market, the NFT space has been thriving. The trade volume concerning this space jumped nearly three-fold in January to $6.86 billion when compared to December’s $2.67 billion.
Credit for the uptick, by and large, has to go to LooksRare, a novel NFT platform that’s being touted as the ‘decentralized’ competitor to OpenSea, the biggest player in the field in terms of all-time-high value.
Having said that, it wouldn’t be fair to steal away OpenSea’s thunder completely. The largest platform did bring in its fair share of the business. For its part, it doubled its trade value over the past month.
Looking at how a couple of prominent projects have been performing would bring clarity and highlight if the space is indeed thriving or not.
Almost everyone into NFTs would have most likely heard about Cool Cats, but their new offering Cool Pets is making the noise currently.
Pets is a collection of 19,999 NFTs which are procedurally generated based on item interaction, initially starting as an egg and evolving into their final form through a “gamified experience.”
Most of the data points associated with the said NFT project have sharpened over the past few days. Consider the floor price, for instance. This metric created a local peak on 6 February after registering horizontal bars during the initial days of this month. This means the lowest amount to be paid to acquire a Pets NFT shot up, highlighting the project’s popularity and demand.
Additionally, the unique wallets possessing tokens from this collection had sort of remained stagnated since 1 February. However, the same has witnessed a steep incline over the past day, supporting the adoption narrative.
BAYC, one of the most prominent projects, has witnessed has had its role since the beginning of this year. Its floor price has been inclining too. At press time, it was seen hovering around its newly created highs of 132.5 ETH.
Additionally, the cumulative volume of Bored Apes has already surpassed $1.3 billion. The numbers recorded in January were at a multi-month high and pretty close to its August ATH, indicative of renewed interest emerging.
The growth of both projects is a testament to how the NFT market has already started moving beyond its initial hype. With BAYC managing to maintain its dominance, Cool Pets being able to establish itself within a short period, and other similar projects upping their game, the marketplace is bound to grow even more going forward.