Renga NFTs overtake combined volume of CryptoPunks and BAYC
Renga NFTs, a collection of 10,000 PFP grades, has been making waves in the NFT world lately. Surprisingly, the project has recorded a higher trading volume than the combined volume of CryptoPunks and Bored Ape Yacht Club (BAYC), two blue-chip NFT pools, in the last seven days on OpenSea.
What are Renga NFTs and Renga Black Box NFTs?
Created by independent illustrator and comic artist Dirty Robot, Renga is a collection of 10,000 hand-crafted figures. Each digital element has its own identity and will have wider compatibility within the Renga universe, becoming part of the vast Renga storytelling ecosystem.
The project’s art is unique in many ways and focuses on Japanese-style manga and anime. Notably, ‘Renga’ (連歌) is also a genre of Japanese linked verse poetry where two or more poets delivered alternating parts of a poem.
The project’s creator, Dirty Robot, is based in Japan and has over 20 years of experience in comic art. Also known as Daniel Isles, the artist is originally from Birmingham and has spent most of his life drawing and creating his own comics.
Meanwhile, the Renga Black Box NFTs are the latest collection from the Renga Factory. The Black Box NFTs are a collection of spinning black cubes that allow users to create an NFT by burning the box. Each box is a portal to a random archetype from the world of Renga and includes random attributes.
Renga’s Meteoric Rise Defeats Bear Market Expectations
Renga’s floor price has increased by around 700% in the last month. The project’s floor price is currently around 4.69 ETH, worth around $6,300, according to data from NFTGo.
The project has also risen to the top of OpenSea’s list of NFT pools in terms of trading volume. With a 7-day volume of 5,889 ETH, Renga has recorded a higher trading volume than the combined volume of CryptoPunks and Bored Ape Yacht Club (BAYC).
However, in the last 24 hours, the project has suffered a setback in terms of transactions. According to data from CryptoSlam, RENGA sales have fallen by 46% to $284,000 in the last 24 hours. The collection’s buyers and sellers have also held out, falling by 43% and 47% respectively.
The rise of Renga comes as the market for NFTs continues to struggle amid a long crypto winter. NFT sales volumes have fallen to their lowest levels in more than a year, and the lowest price on some major collections has also fallen significantly from all-time highs.
Join our Telegram group and never miss a story about digital values.
NFT market falls amid prolonged crypto winter
The Ethereum blockchain, where the majority of NFT trading takes place, has seen its trading volume drop to around $5 million in recent days, down over 99% compared to the all-time high of $628 million recorded on May 1, 2022, according to data from CryptoSlam .
Blue-chip NFT pools like CryptoPunks, Bored Ape Yacht Club, and Mutant Ape Yacht Club have seen their volume drop significantly in the past week. CryptoPunks registered $5.41 million in volume in the last seven days, down -48.24%.
However, these projects have seen a slight rise in floor prices. The floor price of CryptoPunks has reached $89,000, up by 9.22% in the last week. Bored Ape Yacht Club and Mutant Ape Yacht Club have also achieved a 6% and 2% increase in floor prices, according to data from DappRadar.
It is nevertheless worth noting that the introduction of NFTs and investments in the industry continues despite the market downturn. In late August, NFT collective Proof raised $50 million in Series A funding despite the generally poor market conditions, which could mean that large investors remain bullish on the NFT market.
Economy is changing.
Find out how, with Five Minute Finance.
A weekly newsletter covering the major trends in FinTech and decentralized finance.
Do you think Renga will be able to maintain its position as the top NFT collection? Let us know in the comments below.
About the author
Ruholamin Haqshanas is an accomplished crypto and financial journalist with over two years of experience writing in the field. He has a solid grasp of various segments of the FinTech space, including the decentralized iteration of financial systems (DeFi), and the emerging market for non-fungible tokens (NFT). He is an active user of digital assets for money transfers.
