Trading volume on OpenSea spikes high as Bored Ape Yacht Club sales explode

Ethereum trading volume on OpenSea suddenly doubled, according to Dune Analytics.

Trading volume on OpenSea spikes high as Bored Ape Yacht Club sales explode

According to Dune Analytics, the amount of Ethereum traded daily on the NFT marketplace on OpenSea recently increased from around $48 million to $117 million.

Ethereum's daily volume on OpenSea reached $100 million for the first time on October 15. It was a regular event back then. The month of March was relatively quiet, but a sudden tenfold rise in sales volumes for Bored Ape changed all that.

There also seems to be some connection between Yacht Club NFTs and the sudden increase.

In November 2021, the volume of Ethereum traded on OpenSea suddenly doubled, according to Dune Analytics.

Bored Ape Yacht Club NFT sales were up 900% overnight, while Mutant Ape Yacht Club sales were up 1,100%, according to NFT data aggregator CryptoSlam.

In April, the Bored Ape Yacht Club launched a collection of 10,000 NFTs. Based on 170 possible traits, each image is a portrait shot of a cartoon ape. ERC-721 tokens are used to store NFTs on Ethereum.

Several pop stars have recently lent their support to the NFT project. A limited-edition of 2,500 paper zines featuring an image of a Bored Ape was released last week by Rolling Stone and Bored Ape Yacht Club.

In addition to a digitized edition of the magazine, an alternate cover that was inspired by Mutant Ape Yacht Club was also put up for auction on Superare Wednesday.

One of the world's biggest record companies, Universal Music Group, announced it is forming a Gorillaz-like metaverse called Kingship. Jimmy "j1mmy" McNelis of Bored Ape Yacht Club has contributed NFTs used in avatars for the group.

As the metaverse expands, Kingship will perform in virtual worlds and release more NFTs. Nicholas Adler, Snoop Dogg's manager, will manage the group, and its music will be released by a Universal subsidiary, 10:22 PM.

In related news, hip hop legend Timbaland recently announced that he will be forming a metaverse band comprised of BAYC avatars. Timbaland is also starting a company called Ape-In Productions to produce both the music and animation for the project.