NFT represents the deed of ownership. It relates mainly to the selling of digital artwork. A person buying a piece of NFT owns the digital artwork. The right of reproduction may be retained by the original artist.
Mutant Ape Yacht Club, an Ethereum-based NFT project, has a collection of 20,000 avatar images. Its sales figure increased by 500% after one of its NFT was sold for $3.6 million. The reference here is of its single Mega Mutant Serum NFT.
An Increase For Mutant Ape Yacht Club
The trading volume of Mutant Ape Yacht Club increased by 500% in the previous week. This was a result of its single Mega Mutant Serum NFT being sold for $3.6 million worth of ETH.
Cryptoslam, an NFT analytics backed by Mark Cuban, highlighted three figures that show the impact of the surge of Mutant Ape Yacht Club. It highlighted that the market trading volume of the secondary market was at the top in the last seven days with a value of $70.9 million.
The cost of the lowest project for NFT stood at $9.9 ETH, an increase of 40%. The average sale price also jumped. The earlier figure was 8 ETH. It has increased to 12.3 ETH as of December 29, 2021.
8 ETH roughly translates to $32,000, and 12.3 ETH comes to approximately $50,250.
A 500% increase in the trading volume of Mutant Ape Yacht Club has made it the popular NFT project to be tracked in the market.
Another part of the update is worth a lot of attention. Every existing holder of Bored Ape Yacht Club NFT will be able to create a new Mutant Ape NFT image. This comes in light of Yugo Labs offering one free Mutant Serum NFT.
As per the updated figures, it is estimated that around 10,000 Bored Ape Yacht Club NFT holders will benefit from this move of Yugo Labs.
Yugo Labs had announced this news at the time when it generated around $96 million worth ETH. The revenue was generated in 1 hour after it sold 10,000 NFTs of Mutant Ape Yacht Club.
Mega Mutant Serum has reportedly been bought by Taylor Gerring, the Co-Founder of the Ethereum Foundation. The purchase price stood at 888 ETH.
Boost By Celebrities
The original collection of Bored Ape Yacht Club has got celebrities like Jimmy Fallon, Post Malone, and Snoop Dogg interested. They bought in the original collection, resulting in the rise of its market value.
Meanwhile, a separate metaverse is being pursued by Universal Music Group. It would be based on the original Bored Ape Avatar Collection.
Timbaland, an American Rapper, is following a similar trend of creating his own metaverse using the original collection of Bored Ape Avatar.
This boost has increased the value of Bored Ape Yacht Club so much that it surpassed the market value of CryptoPunks, the most famous NFT-based project on the internet. This was a temporary momentum, but it signaled a shift in the interest of the investors.
According to estimates available, the floor price of Bored Ape Yacht Club was 60 ETH while the same for CryptoPunks was 66 ETH.
There was an overall surge in the NFT market as well. The trading volume in the third quarter stood at $10.7 billion, while the figure touched $22 billion at the beginning of December 2021 on a year-to-date basis.