The NFT market is notorious for its volatility, and the current bear market has been no exception. It was a month that saw Apple clamp down on crypto and other NFT apps avoiding its App Store revenue model by prohibiting external links or buttons that take them away from the App Store. They also revealed the NFT commission charge of up to 30%.
But there were still some positives in October, when a few NFT projects defied the trend, at least in the short run.
Art Gobblers is a new NFT project that has generated 24 million dollars in Ethereum in the first 24 hours after launching. This project is backed by Paradigm venture capital and Justin Roiland, who is best known for his work on the well-known show Rick and Morty.
The project debuted on the Blur NFT marketplace, which is also sponsored by Paradigm, and has recorded a total trading volume of 26,759 ETH ($41.8 million), with an average NFT price of 18 ETH (approximately $28,000) in the first day of sale. On the other hand, Blur has exceeded other big NFT marketplaces in terms of ETH volume in the first 24 hours after launching Art Gobblers NFTs, according to Dune Analytics.
It was a free mint for people on the whitelist, similar to Goblintown, an NFT collection that succeeded rapidly in the early as well. However, market watchers are skeptical about the large quantities traded on the secondary market.
The Art Gobblers ecosystem presently has roughly 2,000 NFTs, which implies that a few deals can have a significant impact on floor pricing. Six days after its debut, the cheapest Art Gobbler NFT is presently 4.5 ETH.
Gradual Ownership Optimization is a unique minting process used by Art Gobblers that secretes Goo, an ERC-20 token. Holders spend Goo to generate blank pages on a specialized drawing tool, which they can then use to produce and sell their art.
The more Gobblers that are minted, the higher the total supply of Goo and the almost exponential earning potential. At the present, there are about 453 Goo holders.
Art Gobblers arrived during a months-long decline in crypto values, as well as plummeting valuations among the most famous NFT projects, like Bored Ape Yacht Club (BAYC) and CryptoPunks. However, DappRadar reported on November 1 that both Yuga Labs collections have regained their $1 billion valuation status, as measured by market capitalization.
While BAYC’s volume, the number of sales, and the number of traders have all decreased in the last 30 days, the market cap has climbed roughly 7.4% to $1.14 billion at the time of publishing.
Yuga Labs’ parent company was previously valued at $4 billion post-money following a $450 million investment deal in March. This sum has not been revalued since. Furthermore, Meebits and Otherside projects also are subsidiaries of the firm.
Another collection that has fared exceptionally well in recent months, particularly in October, is Matt Kane’s curated Art Blocks collection Gazers. According to OpenSea data, the numbers have been trending upward over the last 30 days. At the time of writing, trade volume was at 476 ETH, representing a 134% rise; 25 sales represented a 25% increase over the previous month, and the floor price was up 46% at 25 ETH.
Aptos has boomed in the NFT market despite having a one-week-old mainnet. Aptos, a proof-of-stake Layer 1 network founded by former Meta workers, debuted on October 17. The blockchain is attempting to use its smart contract language Move to achieve a transaction rate of more than 100,000 per second.
OpenSea, the largest NFT marketplace, has not yet incorporated Aptos NFTs. Topaz, an NFT marketplace specialized to Aptos digital collectibles, is the largest vendor of Aptos NFTs. Topaz’s trading volume raised $1.1 million in one day, just four days after its start.
Aptos has recorded a higher trading volume than Solana blockchain. There were a lot of users moving from Solana to Aptos, as Solana’s current instability.
Migration from Solana to Aptos has increased owing to a variety of circumstances, including the elimination of royalties from Solana’s NFT marketplace Magic Eden. This, along with investor dissatisfaction with the SOL network, has resulted in an influx of Aptos investors who were appropriately positioned.
However, it is too early to declare Solana “dead” or Aptos the next leading blockchain NFTs to surpass Ethereum. When the bull run begins, Solana may be able to swiftly get back on track. Aptos’s recent launch and airdrops may have contributed mainly to the hype. On October 19, early Aptos testnet users earned 150 APT tokens (about $1,200).
The popularity of Reddit’s Avatar NFTs exploded towards the end of October, reaching a peak at almost $2 million daily transaction volume, a 14x gain from September, and achieving a market cap of $100 million. However, the daily transaction volume has decreased to levels last seen in September, and the market cap is at just around $70 million.
The Redditfloor NFT marketplace had a huge influence on Web3 for two key reasons: It proved that using a familiar language common such as English rather than blockchain jargon is the quickest method to integrate new users into the Web3 realm – roughly 3 million in four months. It also showed that NFT avatars continue to be the greatest NFT use case for onboarding those people.
On the same weekend that Reddit was successful, the Azuki NFT project established a record for the most expensive skateboard sales ever, both digitally and physically.
Nine “Golden Skateboard” NFTs were auctioned off for a total of $2.5 million. The most expensive item in the collection, the Azuki Golden Skateboard NFT, cost 309 ETH ($482,000). Starting this month, winners can exchange their digital golden skateboards for actual skateboards gilded with 24-karat gold.
Always stay up-to-date with the latest news
Add items, and see how much
gas you can save