Otherdeed tested a new milestone in August by flipping NBA Top Shot in the ranks of projects with the most all-time non-fungible token (NFT) sales volume.
August has proved to be a difficult month for the digital collectibles sector as unique buyers and total transactions remain far below the metrics of the earliest months of the year.
Otherdeed generated approximately $1.035 billion in all-time sales volume, according to data from NFT aggregator CryptoSlam.
Having started August with an overall sales volume of $1.02 billion, the NFT has surpassed one of the most popular digital collectibles projects in the space today, NBA Top Shot.
Otherdeed’s popularity has soared in the last four months
Launched on the last day of April as part of the Otherside Metaverse, Otherdeeds are dynamic NFTs built as a collection that contains all of the essential game elements. Otherdeed is the key to claiming land in the Otherside. Otherside is the largest expansion of the Bored Ape NFT universe which has a direct link to the ApeCoin ecosystem.
Thriving on the success of the popular NFT project, the Bored Ape Yacht Club (BAYC) which as surpassed more than $2 billion in sales volume as well as the demand for the cryptocurrency ApeCoin (APE), which brought more than 3,000% gains to investors in March. While Otherdeed generated roughly $943.7 million in sales for May.
From the chart above, it could be seen that more than $400 million was generated from sales in the last hours of April 30 through to the close of the first day of May.
The hype and buzz around Yuga Labs’ latest project normalized in June when sales plunged by 95% to about $40.6 million.
Mirroring the bearish outlook of the market, sales declined further to $30.9 million in July and hovers around $20 million in August.
NBA Top Shot falls behind Otherdeed in sales
Top ten NFT, NBA Top Shot was flipped by Otherdeeds in the last week of August.
The digital collectibles that show the best moments of the National Basketball Association had a total sales volume of $1.027 billion, according to data from NFT aggregator CryptoSlam.
In 2021, the entire crypto finance space soared to new milestones, and the NFT mania took over the industry. After generating less than $1 million in monthly sales throughout 2020, NBA Top Shots reached an all-time high (ATH) sales of $224 million in February 2021.
During the month, unique buyers were 82,822 and total transactions surpassed one million for the first time. The average sale value crossed $100 for the first time hitting a new all-time high of $181.81.
Other months which made significant contributions were March ($208 million) and April 2021 ($82 million) as well as January 2022 ($59 million). After the new high, the bearish trends which gained roots in December took hold of the market during the first half of the year, and this led to sales hitting a downward spiral.
Sales sank gradually to $7 million in June, an 86% drop from January.
Due to a recovery of the entire market in July, sales increased slightly to $8.3 million.
Due to market saturation buoyed by an increment in the number of professional basketball players who are currently involved in the NFT project, the average sale value of digital collectibles has decreased massively. As a result, the average sale value for August was below $20.
How have the two cryptocurrencies fared alongside their respective projects?
APE price reaction
Ape opened on May 1, with a trading price of $20.02, tested a low of $3.09 on June 15, and was trading in the region of $4.90 in the late hours of Aug. 29. Within the four-month period, APE declined by 75%.
FLOW price reaction
FLOW opened on the first day of May with a trading price of $4.49, reached a high of $5.20 on May 5, tested a low of $1.17 on June 18, and was exchanging hands for $1.89 on Aug. 29. FLOW dipped by 57% within four months.