Otherdeed overtook NBA Top Shot for the highest grossing NFTs of all TIMES in August. With this, the Bored Ape Yacht Club (BAYC) NFT project reached a new milestone.
The number of individual buyers and total transactions for NFTs in August is well below the values at the beginning of the year. In fact, the month turned out to be the toughest of the year for the digital collectibles sector.
Despite the mentioned circumstances, Otherdeed has overtaken other established projects such as Azuki, CloneX, Moonbirds, VeeFriends, Doodles and Meebits in NFT sales volume during this period.
Owned by BAYC, Otherdeed has generated a total revenue of around $1.035 billion, according to data from NFT aggregator CryptoSlam.
The NFT project started in August with total sales of $1.02 billion and eventually overtook NBA Top Shot, one of the most popular projects in its category.
Otherdeed’s popularity has taken a leap in the last four months
On the last day of April, Otherdeed was launched as part of the Otherside metaverse, which also belongs to BAYC. It is a collection based Dynamic NFT and contains all the essential game elements. Additionally, users need Otherdeed to claim land in this metaverse. Otherside is the largest expansion of the BAYC NFT universe and is directly connected to the ApeCoin ecosystem.
Apparently, Metaverse is benefiting from its connection to the BAYC project, which has a turnover of more than $2 billion, as well as from the demand for ApeCoin (APE). In March, the cryptocurrency APE brought investors a gain of more than 3,000% while Otherdeed reported sales of approximately $943.7 million in May.
As the diagram above shows, generated more than $400 million in sales in the last hours of April 30 to the end of the first day of May.
The hype surrounding Yuga Labs’ latest venture didn’t normalize until June, when sales plummeted to around $40.6 million. That’s a drop of around 95%.
Consistent with the bearish market outlook, sales continued to decline to $30.9 million in July and hovered around $20 million in August.
Otherdeed’s total sales overtake NBA Top Shots
Top 10 NFTs by Total Revenue NBA Top Shot was overtaken by Otherdeed in the last week of August.
The digital collectibles of the best moments the National Basketball Association had a total revenue of $1.027 billion, according to data from NFT aggregator CryptoSlam.
Top Shot was created through a partnership between Dapper Labs and the NBA in 2020. This is an NFT marketplace where basketball fans can buy, sell and trade NBA video clips.
By 2021, the entire crypto-finance space grew to an all-time high market cap, and NFT mania swept the industry. After generating less than $1 million in monthly revenue in 2020, NBA Top Shot finally reached an all-time high (ATH) of $224 million in February 2021.
This month the number of buyer to 82,822 and the total number of transactions exceeded one million for the first time. The average sale value also rose above US$100 for the first time, reaching a new ATH of US$181.81.
Other important months were March ($208 million), April 2021 ($82 million) and January 2022 ($59 million). After reaching a new high, the market got caught in the downtrend that started in December in the first half of the year. As a result, sales of NFTs went into a downward spiral.
Through June, sales gradually fell to $7 million, down 86% from January.
The figures rebounded to $8.3 million in July due to a rebound in the overall market.
However, the average retail value of these digital collectibles has declined. More and more professional basketball players are currently participating in the NFT project, thereby ensuring market saturation. As a result, the average sales value in August was below $20.
The growth of the NFT market and the launch of Web3 and Metaverse were major reasons for the explosive development of both projects at that time.
However, NBA Top Shot is connected to the Flow blockchain and its native asset, while Otherdeed is directly connected to BAYC and the ApeCoin ecosystem.
How have the two cryptocurrencies fared alongside their respective projects?
Answers from the APE course
APE launched on May 1st at $20.02, hit a low of $3.09 on June 15th, and traded in the $4.90 range in late hours on August 29th. traded dollars. During this period, APE decreased by 75%.
FLOW course reaction
FLOW opened at $4.49 on the first day of May, hit a high of $5.20 on May 5th, tested a low of $1.17 on June 18th, and traded on June 29th. Traded for $1.89 on Aug. In four months, FLOW fell by 57%.
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