Several major NFTs saw a surge in sales and transaction volumes yesterday, with at least one climbing over 1000%.
Sales and transactions of major NFTs (non-fungible tokens) hit a surge yesterday, December 11th, even though Ether (ETH) price remained largely unaffected. This recent rally in NFTs comes amid dwindling prices of digital assets due to the ongoing crypto winter.
Azuki, CryptoPunks among Major NFTs that Saw Sales Surge
The trading volumes of some choice NFT projects, such as Azuki and BEANZ, rallied to fresh heights over the last 24 hours. For instance, according to NFT analytics platform CryptoSlam, Azuki saw an increase of more than 490% in transaction volume and a 550% increase in sales. In addition, the “web 3 anime universe’s sidekicks” BEANZ experienced a 1000% surge in transaction volume and a 631% climb in sales.
Furthermore, the popular Yuga Labs-owned NFTs CryptoPunks surged 300% in transactions yesterday and 255% in sales. Meanwhile, Meebits hit a massive 2,457% transactional increase while also gaining an additional 1,472% in sales.
One of the notable top NFTs to surge in sales and transaction volumes over the last 24 hours was DigiGaikagu. The Limit Break’s anime-style collection experienced a 1,210% sales rally and a 1,700% increase in transaction volume.
However, despite the bullish momentum NFTs currently experience, the price of leading altcoin ETH stagnated under $1,300. Furthermore, NFT trading volumes still need to catch up to their 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 across several months due to macroeconomic factors and crypto winter. This bearish trend was exacerbated after the collapse of Bahamian-based crypto exchange FTX. The once second-largest exchange hit an insolvency crisis early last month and eventually filed for Chapter 11 Bankruptcy in short order.
FTX’s epic collapse saw its top management go into relative hiding even as the company faces a torrent of criminal investigations in the US and the Bahamas. Furthermore, a team of insolvency professionals, led by John Ray III, have long since assumed control of the sunken company. This development came on the heels of the FTX crash and the subsequent resignation of former chief executive officer Sam Bankman-Fried.
Bankman-Fried’s time at the helm of FTX is facing severe scrutiny, with many criticizing his lack of experience. For instance, Bankman-Fried’s successor Ray described his tenure as run by “inexperienced, unsophisticated and potentially compromised individuals.” Furthermore, Ray also lambasted the operational affairs of the once-promising crypto exchange. According to him, FTX did not keep appropriate records, books, or security controls for its digital assets. In addition, the new FTX CEO also claimed that the company lacked a proper staff structure and payroll system.
Some crypto leaders also opine that SBF’s handling of FTX led several investors to lose trust in digital currencies. This backlash against the former crypto wunderkind calls for his incarceration, 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 jail. And it wasn’t just Sam. You don’t pull this off with one person.”
SBF continually denies any wrongdoing in the wake of FTX’s crash.
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