Four months after its launch, the NFT Otherdeed collection surpassed NBA Top Shot in terms of total sales volume.
August was a tough month for the non-fungible token industry, with the number of unique buyers and transactions well below the first few months of the year.
Despite this market slowdown, Otherdeed makes its rivals tremble. Recently, the NFT collection surpassed some of the biggest projects in terms of sales volume, including Azuki, CloneX, Moonbirds, VeeFriends, Doodles and Meebits.
According to data from NFT CryptoSlam aggregator, Otherdeed’s total sales volume reached nearly $ 1.035 billion.
After starting August with a combined sales volume of $ 1.02 billion, Otherdeed has surpassed NBA Top Shot, one of the most successful NFT projects.
Otherdeed is gaining ground
Launched in April, Otherdeeds are dynamic virtual NFTs based on the Otherside metaverse, which is the largest expansion of the Bored Apes Yacht Club (BAYC) universe and ApeCoin ecosystem.
While BAYC NFTs surpassed $ 2 billion in total sales, the ApeCoin (APE) token brought over 3,000% gains to its holders in March. This greatly contributed to the success of the Otherdeed collection, which achieved nearly $ 943.7 million in sales in May.
In the graph above, we can see that the collection recorded over $ 400 million in sales between the last hours of April 30th and the end of May 1st.
However, the drop in the cryptocurrency market caused Otherdeed’s sales to drop to $ 30.9 million in July and around $ 20 million in August.
Otherdeed beats NBA Top Shot
In the last week of August, the NFT Otherdeed Collection surpassed NBA Top Shot in terms of total sales.
The NFT collection, which captures the best moments of NBA players, has totaled $ 1.027 billion in sales.
Born in 2020 from a partnership between Dapper Labs and the NBA, Top Shot is an NFT marketplace where basketball fans can buy, sell and trade NBA video clips.
Throughout 2020, NBA Top Shot didn’t exceed $ 1 million in monthly sales. But with the boom in the non-fungible token market in 2021, the NFT collection hit a record high of $ 224 million in February 2021. (with 82,822 unique buyers, over 1 million transactions, and an average selling price of $ 181.81).
The other months that have greatly contributed to the success of NBA Top Shot are March 2021 ($ 208 million)April 2021 ($ 82 million) and January 2022 ($ 59 million). However, the market downturn that began in December 2021 and worsened in the first half of 2022 caused a drastic drop in sales for the collection.
In June 2022, NFT NBA sales fell to $ 7 million in June, down 86% from January. The following month, they rose slightly to $ 8.3 million.
The saturation of the market, in fact, resulting from the increase in the number of professional basketball players involved in the project, has caused the prices of the NBA Top Shot NFTs to plummet. In August, the average selling price of the collection’s non-fungible tokens did not exceed $ 20.
Last year, the growth of the NFT market and the introduction of Web3 and the metaverse pushed both collections to all-time highs.
Also note that NBA Top Shot is based on the Flow blockchain and its native FLOW token, while the Otherdeed collection is directly linked to the Bored Ape and ApeCoin (APE) ecosystem.
How did these two native tokens perform together with their respective projects?
Evolution of APE encryption
The APE cryptocurrency started in May with a price of $ 20.02, then dropped to a low of $ 3.09 on June 15 and reached a price of $ 4.90 in the closing hours of August 29. Overall, the EPA lost 75% in four months.
Crypto FLOW evolution
FLOW started in May at $ 4.49. It hit a high of $ 5.20 on May 5th before dropping to a low of $ 1.17 on June 18th. On August 29, the token was trading at $ 1.89, which means it has lost 57% in four months.
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