Many major nonfungible tokens (NFTs) recorded a surge in sales and transaction volumes on December 11, with at least one gaining more than 1000%.
Sales and transactions of major NFTs hit a surge even though the price of Ether remained mostly unaffected. The recent rally in nonfungible tokens comes amid weakening prices of digital assets due to the current crypto winter.
CryptoPunks, Azuki Among Major NFTs That Recorded Sales Surge
The trading volumes of some choice NFT projects like BEANZ and Azuki rallied to reach fresh heights in the last 48 hours. For example, based on the NFT analytics platform CryptoSlam, Azuki saw a surge of over 490% in transaction volume and a 550% increase in sales.
Furthermore, the “web 3 anime universe’s sidekicks” BEANZ recorded a 1000% surge in transaction volume and a 631% climb in sales. Additionally, the popular Yuga Labs-owned NFTs CryptoPunks increased by 300% in transactions and 255% in sales. In the meantime, Meebits reached a staggering 2,457% transactional increase while it also gained an extra 1,472% in sales.
One of the notable top NFTs to increase sales and transaction volumes over the weekend was DigiGaikagu. The Limit Break’s anime-style NFT collection recorded a 1,210% sales rally and a 1,700% increase in transaction volumes.
Nonetheless, despite the bullish momentum NFTs now experience, the price of the leading altcoin ETH stagnated below $1,300. Moreover, NFT trading volumes still have to catch up to their record highs.
Crypto Prices
The general prices of digital currencies have remained choppy in recent days. Furthermore, crypto prices have been on a major drop for many months because of macroeconomic factors and the persistent crypto winter.
This bearish trend increased after the abrupt collapse of Bahamian-based crypto exchange FTX. The once second-biggest exchange hit an insolvency crisis in November and eventually filed for Chapter 11 Bankruptcy in short order.
FTX’s infamous collapse saw its top management rush into relative hiding even as the firm face a torrent of criminal investigations in the Bahamas and the United States. Moreover, a team of insolvency professionals, led by John Ray III, have long since gained control of the collapsed firm.
The development came on the heels of the FTX crash and the consequent resignation of the former chief executive officer Sam Bankman-Fried. Bankman-Fried’s time at the top of FTX is facing extensive scrutiny with most people criticizing his lack of experience.
For example, Bankman-Fried’s successor Ray described his tenure at the top as run by “inexperienced, unsophisticated and potentially compromised individuals.” Moreover, Ray also criticized the operational affairs of the once-promising crypto exchange.
Based on his statement, FTX exchange never stored any appropriate records, books, or security controls for its digital assets. Moreover, the new FTX CEO also alleged that the firm lacked any proper staff structure and payroll system.
Some of the Crypto leaders also insist that Sam Bankman-Fried’s handling of FTX made many investors lose their trust in digital currencies. The backlash against the former crypto wunderkind calls for his incarceration, with Mike Novogratz, Galaxy Digital CEO, leading the charge. Based on a statement by Novogratz:
“It was delusional. Let’s be very clear. Sam was delusional about what happened and his culpability in it. He needs to be prosecuted. He will spend time in jail. And it wasn’t just Sam. You don’t pull this off with one person.”
Sam Bankman Fried continuously denies any wrongdoing in the wake of the FTX exchange’s rapid crash.
