There is no longer a single day without the term « NFT ” does not make the news of the world of cryptocurrencies. This with at the head of line the project that has become iconic of the famous CryptoPunks. Or in a more artistic version regarding Art Blocks to random generation. A proliferation of collections as multiple as the networks that support their development. And that register volumes that are constantly increasing at the heart of this speculative bubble that does not decide to explode. With a month of August barely over that could well become legendary in the field…
Just go to CryptoTwitter to find that the word NFT is on all accounts. And the more time passes, the less this mention is accompanied by criticism. Or the annoyed and peremptory evocation of an imminent explosion of its speculative bubble. Which indicates at least one obvious thing : the phase of discovery and real opportunities in the sector may well have passed. Because it is most of the time when everyone happens that the insane returns dry up. But it also signals the arrival of capital to ride this wave. Which can mean the beginning of something even bigger.
A fever that is exported in multi-chain version. And that sees each ecosystem try its luck by offering more or less convincing copies of successes developed on Ethereum. Which was recently the occasion of the launch of the series of gorillas with random rarities Degen Apes Academy on the Solana network. A sale shipped in a few minutes and the total amount close to 6 million dollars. But also the development of a new video game called Star Atlas. One of these “metaverses” whose cryptocurrencies ATLAS and POLIS have just experienced a joint IEO on the FTX platform. Because NFTs are everywhere !
Opensea exceeds $ 3 billion
And the best way to realize this frenzy is to turn to the Opensea platform. The latter leads 98% of the volumes recorded on the Ethereum network in the field of NFTs. This with more than 173,600 transactions recorded in August alone. And all for a total monthly volume that now exceeds $ 3 billion over the same period. A rise of almost 1000% that makes you dizzy when we turn to the graph of Dune analytics.
A flight certainly carried by the recent launch of the mutant series of the famous monkeys of the Bored Apes Yacht Club project. 10,000 new characters that raised no less than $ 96 million over the weekend. And that only confirm the success of this collection. This with a floor price that is currently at 25 ETH(just over$80,000). And already at 7 ETH for their more or less decomposed version.
A collection that currently occupies the second and fourth position in the ranking of current successes of Opensea. This respectively with its mutant versions and its classic series. But who still sees the historical CryptoPunks prancing at the top of this top 5. All with an unrivalled record of over 100,000 ETH of trading volume. And finally the Art Blocks project which divides the remaining two places between its versions “Curated” (3rd) and “Factory” (5th).
Hedge funds land
An explosion that leaves no one indifferent. And which has just seen the investment company Three Arrows Capital enter the NFTs market. A well-known hedge fund in the field of cryptocurrencies. And which seems to be moving towards the creation of a division specialized in the sector of these non-fungible tokens. This with a structure named Starry Night Capital. And an announced goal that seeks to “gather the best collection of NFT in the world”. All in collaboration with the compulsive and renowned collector in the field whose Twitter account responds to the pseudonym of Vincent VanDough.
« Happy to work ( … ) on the launch of the NTF StarryNightCap fund. Our thesis is simple, we believe that the best way to expose yourself to the cultural paradigm shift inaugurated by the NFTs is to own the best pieces from the most sought-after collections. “- Vincent VanDough
An implementation that was visibly confirmed by the purchase of a work from the Art Blocks Curated project. An operation in the amount of 5.66 million dollars (about 1800 ETH) for the copy #879 from the Ringers series. This is obviously not a first since the portfolio concerned contains about fifty NFTs in total. And several other Art Blocks bought at amounts that for some exceed 250 ETH. Operations obviously visible and carried out on the leading platform Opensea.
Kyle Davies, co-founder of Three Arrows Capital, says he wants to raise $ 100 million. This in order to provide the Starry Night Capital fund with substantial means. All accompanied by a real educational campaign led by Vincent VanDough. This in order to make known the emerging artists of this sector now essential NFTs. But also to develop virtual galleries to expose the works to the general public. As well as launching a physical gallery “in a big city” before the end of this year. A whole program…
This article deals with the news of cryptocurrencies. This is not financial investment advice. Any position must be accompanied by personal research and requires to cross several sources before launching. DYOR !
