Major NFTs see turnover surge while ETH remains unchanged amid crypto winter
Several major NFTs saw an increase in sales and transaction volumes yesterday, with at least one climbing over 1000%.
Sales and transactions of large NFTs (non-fungible tokens) increased yesterday, December 11, although the price of Ether (ETH) remained largely unaffected. This recent rally in NFTs comes amid falling digital asset prices due to the ongoing crypto winter.
Azuki, CryptoPunks among major NFTs that saw sales rise
Trading volumes for some select NFT projects, such as Azuki and BENZ, rose to new highs in the past 24 hours. For example, according to NFT analytics platform CryptoSlam, Azuki saw a more than 490% increase in transaction volume and a 550% increase in sales. In addition, “web 3 anime universe sidekicks” BENZ experienced a 1000% increase in transaction volume and a 631% increase in sales.
Furthermore, the popular Yuga Labs-owned NFTs CryptoPunks increased 300% in transactions yesterday and 255% in sales. Meanwhile, Meebits achieved a massive transaction increase of 2,457%, while gaining an additional 1,472% in sales.
One of the most notable NFTs to increase in sales and transaction volumes in the last 24 hours was DigiGaikagu. The Limit Break’s anime-style collection experienced a 1210% sales rally and a 1700% increase in transaction volume.
However, despite the bullish momentum that NFTs are currently experiencing, the price of leading altcoin ETH stagnated below $1,300. Furthermore, NFT trading volumes still need to catch up to record highs.
Crypto prices
The general prices of digital currencies have remained choppy in recent weeks. In addition, crypto prices have also been on a broader decline over several months due to macroeconomic factors and crypto winters. This bearish trend was exacerbated after the collapse of Bahamian-based crypto exchange FTX. The once second-largest stock exchange hit an insolvency crisis early last month and ultimately filed for Chapter 11 bankruptcy in short order.
FTX’s epic collapse sent top management into hiding even as the company faces a flurry of criminal investigations in the United States and the Bahamas. Furthermore, a team of insolvency experts, led by John Ray III, has long since assumed control of the doomed company. This development came on the heels of the FTX crash and the subsequent resignation of former CEO Sam Bankman-Fried.
Bankman-Fried’s time at the helm of FTX is facing serious scrutiny, with many criticizing his lack of experience. Bankman-Fried’s successor Ray, for example, described his tenure as run by “inexperienced, unsophisticated and potentially compromised individuals.” Furthermore, Ray also laid out the operational conditions of the once promising crypto exchange. According to him, FTX did not maintain appropriate records, books or security controls for its digital assets. In addition, the new FTX manager also claimed that the company lacked a proper personnel structure and salary system.
Some crypto leaders also believe that SBF’s handling of FTX led to several investors losing confidence in digital currencies. This backlash against the previous crypto embezzlement calls for him to be jailed, with Galaxy Digital CEO Mike Novogratz leading the charge. According to Novogratz, “It was delusional. Let’s be very clear. Sam was delusional about what happened and his culpability in it. He needs to be prosecuted. He will spend time in prison. And it wasn’t just Sam. You can’t do this with one person.”
SBF continuously denies any wrongdoing in the wake of FTX’s crash.
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Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the basics so anyone anywhere can understand without too much background knowledge. When he is not deep into crypto stories, Tolu likes music, loves to sing and is an avid movie buff.
