Not a single day goes by without the term ” NFT” make news in the cryptocurrency world. This with in the lead the project become iconic of the famous CryptoPunks. Or in a more artistic version when it comes to randomly generated Art Blocks. A proliferation of collections as multiple as the networks that support their development. And which are registering ever-increasing volumes at the heart of this speculative bubble which has not decided to burst. With a month of August barely over that could well become legendary in the field…
Just go to CryptoTwitter to see 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 be over.. Because it is most of the time when everyone arrives that the insane returns dry up. But it also signals the arrival of capital to ride this wave. Which could mean the start of something even bigger.
A fever that is exported in a multi-chain version. And which sees each ecosystem try its luck by offering more or less convincing copies of successes developed on Ethereum. Which recently saw the launch of the Degen Apes Academy random rarity gorilla series on the Solana network. A sale dispatched in a few minutes and for a 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 surpasses $3 billion
And the best way to realize this frenzy is to turn to the Opensea platform. The latter at the head of 98% of the volumes recorded on the Ethereum network in the field of NFTs. This with more than 173,600 operations recorded in the month of August alone. And all for a total monthly volume that now exceeds 3 billion dollars over this same period. Or an increase of almost 1000% which makes you dizzy when looking at the chart from Dune analytics.
A surge certainly driven by the recent launch of the mutant series of famous monkeys from the Bored Apes Yacht Club project. 10,000 new characters that raised no less than $96 million over the weekend. And which only confirm the success of this collection. This with a floor price which 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 ranks second and fourth in Opensea’s current hits chart. 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 a still unmatched record of over 100,000 ETH in trading volume. And finally the Art Blocks project which shares the two remaining places between its “Curated” (3rd) and “Factory” (5th) versions.
Hedge funds are coming
An explosion that leaves no one indifferent. And who has just seen the investment company Three Arrows Capital enter the NFT market?. A well-known cryptocurrency hedge fund. 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 called Starry Night Capital. And an announced objective that seeks to “bring together the best collection of NFTs 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.
” Glad to be working (…) 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 ushered in by NFTs is to own the best pieces from the most sought-after collections.. –Vincent VanDough
An installation that has obviously been confirmed by the purchase of a work from the Art Blocks Curated project. An operation for the amount of 5.66 million dollars (approximately 1800 ETH) for the copy #879 from the Ringers series. Which is obviously not a first since the portfolio concerned contains around fifty NFTs in total. And several other Art Blocks purchased at amounts that some exceed 250 ETH. Operations obviously visible and carried out on the leading Opensea platform.
Kyle Davies, co-founder of Three Arrows Capital, says he wants to raise $100 million. This in order to be able to provide the Starry Night Capital fund with substantial resources. All accompanied by a real educational campaign led by Vincent VanDough. This is to make known the emerging artists of this now essential sector of NFTs. But also to develop virtual galleries to exhibit their works to the general public. As well as launching a physical gallery “in a big city” before the end of this year. An entire program…
This article is about cryptocurrency news. It is not financial investment advice. Any position must be accompanied by personal research and requires cross-referencing several sources before launching. DYOR!