Otherdeed tested a fresh milestone in August by flipping NBA Top Shot in the ranks of projects with all-time non-fungible token (NFT) sales volume.
August has became a hard month for the digital collectibles sector as unique buyers and total transactions remain far below the metrics of the initial months of the entire year.
Otherdeed generated approximately $1.035 billion in all-time sales volume, in accordance with data from NFT aggregator CryptoSlam.
Having started August having an overall sales level of $1.02 billion, the NFT has surpassed probably the most popular digital collectibles projects in the area today, NBA Top Shot.
Otherdeeds popularity has soared within the last four months
Launched on the final day of April within the Otherside Metaverse, Otherdeeds are dynamic NFTs built as an assortment that contains all the essential game elements. Otherdeed may be the key to claiming land in the Otherside.Otherside may be the largest expansion of the Bored Ape NFT universe that includes a direct link to the ApeCoin ecosystem.
Thriving on the success of the favorite NFT project, the Bored Ape Yacht Club (BAYC) which as surpassed a lot more than $2 billion in sales volume along with the demand for the cryptocurrency ApeCoin (APE), which brought a lot more than 3,000% gains to investors in March. While Otherdeed generated roughly $943.7 million in sales for May.
From the chart above, it may be seen that a lot more than $400 million was generated from sales within the last hours of April 30 to the close of the initial day of May.
The hype and buzz around Yuga Labs latest project normalized in June when sales plunged by 95% to about $40.6 million.
Mirroring the bearish outlook of the marketplace, sales declined further to $30.9 million in July and hovers around $20 million in August.
NBA Top Shot falls behind Otherdeed in sales
Top NFT, NBA Top Shot was flipped by Otherdeeds within the last week of August.
The digital collectibles that show the very best moments of the National Basketball Association had a complete sales level of $1.027 billion, in accordance with data from NFT aggregator CryptoSlam.
In 2021, the complete crypto finance space soared to new milestones, and the NFT mania overran the industry. After generating significantly less than $1 million in monthly sales throughout 2020, NBA Top Shots reached an all-time high (ATH) sales of $224 million in February 2021.
Through the month, unique buyers were 82,822 and total transactions surpassed one million for the very first time. The average sale value crossed $100 for the very first time hitting a fresh all-time most of $181.81.
Other months which made significant contributions were March ($208 million) and April 2021 ($82 million) and also January 2022 ($59 million). Following the new high, the bearish trends which gained roots in December took your hands on the market through the first 1 / 2 of the year, which resulted in sales hitting a unpredictable manner.
Sales sank gradually to $7 million in June, an 86% drop from January.
Because of recovery of the complete market in July, sales increased slightly to $8.3 million.
Because of market saturation buoyed by an increment in the amount of professional basketball players that are currently mixed up in NFT project, the common sale value of digital collectibles has decreased massively. Because of this, the common sale value for August was below $20.
How have both cryptocurrencies fared alongside their respective projects?
APE price reaction
Ape opened on, may 1, with a trading price of $20.02, tested a minimal of $3.09 on June 15, and was trading around $4.90 in the late hours of Aug. 29. Within the four-month period, APE declined by 75%.
FLOW price reaction
FLOW opened on the initial day of May with a trading price of $4.49, reached a higher of $5.20 on, may 5, tested a minimal of $1.17 on June 18, and was exchanging hands for $1.89 on Aug. 29. FLOW dipped by 57% within four months.
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