BAYC’s Otherdeed NFT Exceeds NBA Top Shot Sales Volume, Reaching $1 Billion Within Four Months of Launch
Otherdeed tested another milestone in August by flipping NBA Top Shot among the projects with the most non-fungible token (NFT) sales volume.
August has proven to be a difficult month for the digital collectibles sector, as unique buyers and total transactions remain well below estimates for the earliest months of the year.
Despite this, Otherdeed has seen its all-time NFT sales volume beat out other well-established projects such as Azuki, CloneX, Moonbirds, VeeFriends, Doodles and Meebits.
Otherdeed generated approximately $1.035 billion in all-time sales volume, according to data from NFT aggregator CryptoSlam.
After starting August with a combined sales volume of $1.02 billion, the NFT has surpassed one of the most popular digital collectibles in the space today, the NBA Top Shot.
Otherdeed’s popularity has soared over the past four months
Launched on the last day of April as part of the Otherside Metaverse, Otherdeeds are dynamic NFTs built as a collection containing all the essential game elements. Otherdeed is the key to claiming land in the Otherside. Otherside is the largest extension of the Bored Ape NFT universe that has a direct link to the ApeCoin ecosystem.
Bored Ape Yacht Club (BAYC) is riding high on the success of its popular NFT project, which surpassed more than $2 billion in sales volume, as well as demand for its cryptocurrency ApeCoin (APE), which delivered more than 3,000% gains to investors in March. While Otherdeed generated approximately $943.7 million in sales for May.
From the chart above, it can be seen that more than $400 million was generated from sales in the last hours of April 30 to the end of the first day of May.
The hype and buzz surrounding Yuga Lab’s latest project normalized in June when sales plunged 95% to around $40.6 million.
Mirroring the market’s bearishness, sales fell further to $30.9 million in July and are hovering around $20 million in August.
NBA Top Shot falls behind Otherdeed in sales
Top Ten NFT, NBA Top Shot was flipped by Otherdeeds in the last week of August.
The digital collectibles that showcase the best moments of the National Basketball Association had a combined sales volume of $1.027 billion, according to data from NFT aggregator CryptoSlam.
Launched through a partnership between Dapper Labs and the NBA in 2020, Top Shot is an NFT marketplace where basketball fans can buy, sell and trade NBA video clips.
In 2021, the entire crypto-finance space rose to new milestones, and the NFT craze took over the industry. After generating less than $1 million in monthly sales throughout 2020, NBA Top Shots reached an all-time high (ATH) in sales of $224 million in February 2021.
During the month there were 82,822 unique buyers and the total transactions passed one million for the first time. The average sale value passed $100 for the first time and reached a new all-time high of $181.81.
Other months that made significant contributions were March ($208 million) and April 2021 ($82 million) as well as January 2022 ($59 million). After the new high, the bearish trends that took root in December took hold of the market during the first half of the year, sending sales into a downward spiral.
Sales gradually declined to $7 million in June, down 86% from January.
Due to an uptick in the entire market in July, sales increased slightly to $8.3 million.
Due to market saturation brought on by an increase in the number of professional basketball players currently involved in the NFT project, the average sales value of digital collectibles has dropped massively. As a result, the average sales value for August was below $20.
The growth of the NFT space and the introduction of Web3 and Metaverse have contributed significantly to the milestones of the two projects.
That said, NBA Top Shot is connected to the Flow blockchain and its native asset, while Otherdeed is connected directly to Bored Ape and the ApeCoin ecosystem.
How have the two cryptocurrencies fared alongside their respective projects?
APE price reaction
Ape opened on May 1st at a trading price of $20.02, tested the lowest price of $3.09 on June 15th and traded in the $4.90 area late on August 29th. During the four-month period, APE fell by 75%.
FLOW price reaction
FLOW opened the first day of May trading at $4.49, reached a high of $5.20 on May 5th, tested a low of $1.17 on June 18th, and changed hands at $1.89 on August 29th. FLOW fell by 57% within four months.
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