Bored Ape NFTs Spike ETH Trading on OpenSea

Popular NFT marketplace, OpenSea, saw the amount of Ethereum traded on its platform surge to over $100 million after Bored Ape Yacht Club (BAYC) NFTs value spiked by almost 10X within the last 24 hours.

According to data from Dune Analytics, ETH trading volume on OpenSea was valued at $48 million, however, the numbers more than doubled after BAYC value spiked by 900 percent within one night and the sales of the spin-off Mutant Ape Yacht Club rose by 1,100 percent too.

This massive surge in the value of these NFTs saw the ETH transaction volume on the NFT platform touch above $100 million again. The last time the marketplace saw a trading golem of that level was on October 15.

The Bored Ape Yacht Club was launched in April 2021. It is a collection of 10,000 unique NFTs built on the second-largest blockchain. The unique NFTs are verified images like cartoons generated from 170 possible traits. The Bored Apes sometimes wear human clothes with some of them having metallic bodies and are stored as ERC-721 tokens on Ethereum.

Available information shows that Bored Ape Yacht Club has recently earned a partnership with the Universal Music Group, which is one of the largest record labels recognized globally.

Per the Thursday announcement, the record label would build a NFT metaverse group named Kingship. Furthermore, the picture of the NFT would be on the Jimmy McNeils owned Bored Ape Yacht club NFTs.

This said group would offer buyers unique performance in a virtual world, and as the metaverse evolves more of the NFTs would be issued for sale. Nicolas Adler who manages the crypto-friendly Snoop Dogg would also manage the Group’s music.

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