NFT marketplace activity rose again this week, with leading marketplace OpenSea recording its three highest trading days since the beginning of September. In a week of increased sales, two rising image collections – Cool Cat and CrypToadz – both reached a major milestone.
Both collections marked the week when their respective secondary market NFT sales surpassed $1 million worth of ETH.This is a benchmark only a handful of NFT avatar sets have reached to date, including ethereum-based projects such as CryptoPunks, Bored Ape Yacht Club and Mutant Ape Yacht Club, as well as Solana products such as Degenerate Ape Academy and Solana Monkey Business.
According to DappRadar, profile pictures have been a big part of the broad NFT market surge this year, generating $10.63 billion in transactions in the third quarter alone.
NFTs are essentially receipts, represented by tokens on the blockchain, for any digital item that proves ownership, and top avatar NFTs are typically bought and sold for thousands of dollars – some for hundreds of thousands or even millions of dollars each.
In addition to the potential social media influence of wielding a popular NFT avatar, ownership can unlock a variety of perks, such as access to closed communities and events, participation in DAOs that let users collectively decide the direction of a project, or potential additional free NFT drops.
Cool Cat launched in July and has quickly become one of the most popular NFT avatar series, with $141 million in transactions to date, according to CryptoSlam. The floor price for a single Cool Cat NFT – or the cheapest price on the OpenSea marketplace – is currently around 14 ETH, or $50,500. The project also developed the NFT in partnership with The Times.
The aforementioned highest-priced Cool Cat NFT, a rare zombie-themed avatar, was sold Monday to buyer Bornadoesntcare for 320 ETH (nearly $1.13 million.) The seller reportedly minted the NFT in July for just 0.04 ETH ($84), and he plans to use the proceeds to open an animal shelter.
Meanwhile, CrypToadz, a newer NFT program that launched in early September, saw a surge in demand earlier this week, with $19 million in trading volume on Sunday alone. According to CryptoSlam, the pixel-based toadstool avatar has generated more than $109 million worth of transactions to date. The current floor price is 12 ETH, or about $43,100.
The highest CrypToadz transaction occurred on Tuesday for 300 ETH, or $1.05 million at the time of sale. The seller had previously purchased NFT for just 1.5 ETH ($5,100) less than a month ago – a sizable short-term increase in value. Rapper Snoop Dogg also purchased a CrypToadz NFT this week through his Cozomo de’ Medici alias, just not the million-dollar one.
OpenSea set a record volume of over $3.4 billion worth of transactions in August, more than 10 times that of July, followed by a slightly lower volume of over $3 billion in the combined sale of Ether and Polygon in September, and Dune Analytics reports over $719 million in the marketplace so far in October.