OpenSea volumes go bananas as collectors pile again into Bored Ape Yacht Membership NFTs

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Crypto Twitter Nonfungible Token (NFT) influencers have been relatively calm for the past two weeks as trading volume on OpenSea has dropped to a three-month low and analysts criticizing the emerging sector say a bear market is imminent.

While the total sales volume is pale compared to the previous months, some projects have seen a significant increase in the last week.

Data from Dune Analytics shows that on Nov. 14, the daily amount of Ether (ETH) traded on OpenSea was catapulted from $ 48 million to $ 105 million, and at the time of writing was 63.1 Million dollars traded in ether.

Daily Ethereum volume at OpenSea. Source: Dune Analytics

The increase appears to be linked to an increase in sales volume of Bored Ape Yacht Club (BAYC) NFTs by more than 900%, and related projects such as the Mutant Ape Yacht Club also saw a volume increase of over 1,000%.

Bored Ape Yacht Club 90 days volume & lower price limit. Source: OpenSea

Recent purchases from celebrities like Jimmy Fallon, the launch of 2,500 Rolling Stone limited-edition magazines with a Bored Ape on the cover, and the announcement that Universal Music Group will form a Metaverse-based band called Kingship are likely reasons for that growing interest in the project.

Permission to come bored? @BoredApeYC #NewProfilePic pic.twitter.com/1pbBt2gB1V

– jimmy fallon (@jimmyfallon) November 12, 2021

There was more positive news on November 12th after Timbaland, a multiple Grammy award winner and well-known music producer, announced that its newly formed Ape-In Productions studio BAYC NFT avatars in various aspects of music and animation creation of the emerging metaverse.

Monkey derivatives thrive

It is often said that imitation is the most sincere form of flattery, and as of November 15th, it seems to have been the same in the NFT market. A newly launched project called Lil Baby Ape Club (LBAC) is currently seeing massive sales on Opensea with a volume of 1,417 ethers, reflecting an increase of 207,344% in the last 24 hours and a minimum price of 0.438 ethers.

The Baby Ape’s launched on November 15 with a mint price of 0.02 ether ($ 94) and is similar to the original BAYC project. The current quantities and the average retail price of $ 2,200 are clear indications that the project is popular with collectors, pinball enthusiasts, and speculators.

To think these Lil Baby Apes went crazy for 0.02 mint on this … yesterday.

Even crazier were the guys who claimed free when LBAC launched. The first 200 mints were free! https://t.co/jTvN6xtOFn

– Lil Baby Ape Club | SOLD OUT! (@LilBabyApeClub) November 15, 2021

The dynamics of extremely rare, gold-skinned and laser-eyed monkeys sought after by collectors also appear to be present in the LBAC project, and today a matching gold-skinned LBAC sold for 7 ethers ($ 33,000).

LBAC # 1604

SOLD FOR $ 7 ETH $ 33019.85! https://t.co/PfKYgOhTs0 pic.twitter.com/e5cragigUL

– Lil Baby Ape Club | SOLD OUT! (@LilBabyApeClub) November 15, 2021

While the LBAC project puts up some impressive numbers shortly after it was coined, it will be interesting to see whether the current hype is being driven solely by short-term speculation and pinball, or whether NFT influencers and well-known collectors are in some way opening their arms to the project gives it a status similar to other blue chip projects in space.

Bored Ape Yacht Club is not a public domain project under Creative Commons (CCO), so much like Larva Labs’ recent beef with CryptoPhunks, it is possible that the BAYC community could ask OpenSea to put the Lil Baby Ape Club project out to take the list.

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