One crucial aspect of NFTs is figuring out whether they have any decent trading volume. The daily volume is crucial, but so is the combined total. Bored Ape Yacht Club may finally surpass the $1 billion volume mark soon, although it may take another month.
Bored Ape Yacht Club Is On The Move
There are few NFT
collections people still talk about within a month after release. Most collections note pump-and-dump momentum but fail to captivate an audience for very long. That is partially due to a lack of utility and partially due to extreme competition from the dozens of new projects launching every week. Even so, the search for the next CryptoPunks is still ongoing, although no such collection may ever come to market.
One potential exception is the Bored pe Yacht Club. It is an NFT collection that has attracted mainstream artists and celebrities willing to spend big money on a bored ape profile picture. Moreover, the collection still has over $10 million in daily trading volume, which makes it the most active collection of the bunch today.
All of that volume adds up to almost $864 million in overall trades, which is more than a respectable number. The only other collection noting a higher number is CryptoPunks,
at almost $2 billion. It is intriguing to see how so few collections surpass $500 million in total volume these days, further confirming they aren’t worth much beyond the initial hype.
Bored Ape Yacht Club can reach $1 billion in total volume if the current numbers keep up. However, it may be safer to assume they will come down again, which means it could take up to a full month for BAYC to hit that $1 billion mark. It is a cool milestone but won’t necessarily make Bored Ape Yacht Club THAT more appealing either.
Looking Beyond BAYC
Further down the rankings, no projects are showing any indication of ever reaching $1 billion in trading volume. In fact, Decentraland is third on the list by all-time volume at $644.48 million. Land in the virtual world and Metaverse will undoubtedly remain appealing for a while, as it has actual utility for owners. brands, companies, developers, etc.
It is crucial to understand only four collections have surpassed $500 million in total trading volume so far. That is rather meager, but only 29 collections hit over $100 million. That is interesting and confirms you can easily ignore most NFT collections. A lot needs to happen for this industry to be taken more seriously by the mainstream, that much is certain. Finding the next Bored Ape Yacht Club will be no easy feat
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