NFT sales are sizzling: Record $5 billion in sales as Bored Apes, Loot, CryptoPunks make splash NFT sales are sizzling: Record $5 billion in sales as Bored Apes, Loot, CryptoPunks make splash
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NFT sales are sizzling: Record $5 billion in sales as Bored Apes, Loot, CryptoPunks make splash

The three hottest new projects generated $481,6 million alone, representing roughly 9% of the total NFT record sales volume in August.

NFT sales are sizzling: Record $5 billion in sales as Bored Apes, Loot, CryptoPunks make splash

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

Mutant Ape Yacht Club, Loot (for Adventurers) and Bloot (not for Weaks) made a splash during the last two weekends, while contributing to tremendous spikes in gas prices, according to the latest DappRadar report that kept tabs on the new decentralized applications (dapps).

As the non-fungible token (NFT) space completed its best month ever, topping $5 billion in sales volume, the data acquisition and analysis company has analyzed the hottest three NFT projects, providing comprehensive financial metrics, collection distribution insights and detailed social and technical overviews.

Bored Apes mutating

Mutant Ape Yacht Club (MAYC), a 20,000 NFT collection joined an elite ecosystem and rapidly became the sixth most valuable NFT collection, generating over $228,3 million in barely ten days following its launch.

While adding utility to Bored Ape owners, the project offers a lower entry point to everyone who missed out on the Bored Ape Yacht Club (BAYC).

On August 28, Yuga Labs airdropped BAYC owners a Mutant Serum, an NFT that enables the original Bored Apes to mutate into a Mutant Ape. Mutant Serums that come in three different tiers (M1, M2, and M3) belong to a different collection dubbed Bored Ape Chemistry Club.

Following the concept, each of 10,000 BAYC can receive only one serum hit, opening a spot for 10,000 MAYC, and at the time of the report 5,300 BAYC have received a serum. 

The rest of the collection went through a public sale auction with an original 3 Ethereum (ETH) price that could go as low as 0.01 Ethereum.

A bag of words. A bag of words

Close behind, Loot, a collection of 8,000 unique pieces containing eight randomly generated words, amassed over $221.3 million in less than two weeks and quickly rose to become the seventh most valuable NFT collection.

“Each Loot NFT contains a bag of words that can be interpreted in different manners. In this way, each owner will have a unique vision for its piece, enabling the community to build something unique on top of each NFT,” read the report. 

“Someone said on Twitter that “Loot is NFT improv” and I think that just about nails it. It’s a do-what-you-will-with-it collection that lends itself to the spontaneity and creativity of the community, and I think this is one of the primary reasons that it’s become an instant hit — it not only captures the imagination but also very much encapsulates the spirit of DeFi,” CEO and co-founder of DappRadar Skirmantas Januškas said, commenting on Loot’s successful launch. 

Loot NFTs were minted for gas fees only and the $221 million in sales materialized on the secondary market, which is quite impressive, pointed out DappRadar’s Head of Research and Finance, Modesta Jurgeleviciene, adding that “this, alongside parody project Bloot sprouting off it almost overnight, underscores Loot’s desirability and gives a strong indication that we may have a whole new paradigm entering the NFT space.”

Bloot (not for Weaks), a collection of 8,008 unique pieces containing 8 randomly generated words launched almost immediately after Loot as its “direct and colorful parody.”

With similar added utilities to Loot Derivatives, dozens of projects already popped up on top of Bloot, which generated over $30.6 million in less than one week.

Posted In: Adoption, Analysis, Edge, NFTs