Non-fungible tokens (NFTs) recently took the world by storm, with the NFT sector gaining even more traction in the market during the government-imposed lockdowns and restrictions, as NFTs unlocked play-to-earn games and served as a source of income for people from across the globe who were left jobless. Some NFT collections have gained more popularity and are more sought after by crypto investors, speculators, and art collectors. In this article, we will take a look at the 5 most popular NFT collections in the sector based on their 24-hour sales volume.
Disclaimer: We want to emphasize that this is not financial advice. Cryptocurrencies operate in a volatile market, where values can drastically fluctuate in a blink of an eye. It is imperative to conduct thorough research and seek guidance from a qualified financial advisor before investing.
What is an NFT?
An NFT, or Non-Fungible Token, is a distinctive digital asset that represents real-world objects such as art, music, in-game items, and videos. These digital tokens are purchased and sold online, often using cryptocurrencies, and they share a fundamental software framework with many cryptocurrencies. One of the notable advantages that sets NFTs apart from regular digital assets is their inherent tradability, allowing for free exchange, sales, or utilization without the need for intermediaries.
While NFTs have existed since 2014, they are currently gaining significant attention due to their growing role as a platform for trading digital artwork. Remarkably, a staggering $174 million has been spent on NFTs since November 2017, highlighting their burgeoning popularity.
NFTs are typically unique or part of an extremely limited collection, featuring distinctive identifying codes. These tokens confer upon the items they represent a high degree of digital scarcity, a marked contrast to the typical infinite supply of most digital creations. This scarcity-driven rarity has the potential to elevate the value of a given asset, assuming there is demand.
However, in their early stages, many NFTs have been linked to digital creations that already exist in alternative forms, such as iconic video clips from NBA games or digitized versions of art readily available on platforms like Instagram.
The fervor among collectors and speculators surrounding NFTs is intriguing, especially considering that anyone can view and download images or compilations of images online for free. This enthusiasm stems from the fact that NFTs encompass inherent authentication mechanisms. This embedded authentication functions as a validation of ownership, turning a digital art collection into a statement of possession and prestige rather than just the tangible art piece itself.
Top 5 NFT Collections By Trading Volume
Let's delve into the top 5 NFT collections with the highest daily trading volumes, as per CoinMarketCap data:
Win NFT Horse
Win NFT Horse, a unique blend of DeFi and NFTs, emerges as a captivating horse racing game forged through collaboration between TRON, APENFT, and WINKLink. This innovative game ecosystem fuses "NFT + DeFi" using blockchain technology, offering an engaging gameplay experience while rewarding participants with tokens for contributing to the ecosystem. In this virtual realm, players can breed, compete, collect, and trade their digital steeds.
Gamers can acquire TRX (for horse purchases), WIN (diamonds), and NFT (gold coins) through the marketplace. TRX is the currency of choice for horse transactions, which can also transpire through PVE and PVP, earning players NFTs in the process. The game distinguishes itself by generously awarding WIN tokens to top-performing players each season, enhancing its inherent value. Notably, breeding necessitates the consumption of both NFTs and WIN tokens.
Statistics: The 24-hour trading volume for the WIN NFT HORSE collection exceeds 15 million BUSD, boasting an estimated market cap of 635,415,770.2 BUSD. With a floor price of 270 BUSD and an average price that has skyrocketed over 7,000 percent to 33,205.46 BUSD on CoinMarketCap, this collection, established on the Binance Smart Chain, features a total of 10,000 assets, currently owned by 869 individuals.
Azuki, introduced on January 12, 2022, is a remarkable profile picture project thriving within the Ethereum network. Crafted by a quartet of creators based in Los Angeles, who identify themselves as Chiru Labs, this collection comprises 10,000 anime-inspired profile pictures, each boasting unique traits and visual aesthetics. Azuki avatars offer 12 customizable features, encompassing type, hair, face, neck, eyes, ears, mouth, headgear, special attributes, clothing, offhand items, and background settings.
These distinctive attributes are openly displayed on the official Azuki website, where the value of NFTs can surge due to specific traits or their combinations. Notably, the initial batch of NFTs sold out within a mere three minutes on January 12, each priced at $3,400, amassing a remarkable $29 million in sales. Additionally, Azuki NFTs unlock access to 'The Garden,' a unique metaverse offering exclusive merchandise, NFT drops, live events, and other immersive experiences.
Statistics: Azuki's NFT collection thrives on the Ethereum blockchain, boasting a 24-hour trading volume of approximately 1,442.36 ETH. The collection's estimated market cap stands at 276,424.62 ETH, with a floor price of 27 ETH. According to CoinMarketCap, the average selling price aligns closely with the floor price, hovering around 27.21 ETH. This extensive collection comprises 10,000 assets, currently held by 5,461 owners.
Bored Ape Yacht Club
The Bored Apes, a collection of 10,000 unique NFTs residing on the Ethereum blockchain, have taken the NFT world by storm. These digital avatars possess diverse characteristics, with some being exceptionally rare. Serving as the cornerstone of an exclusive enclave known as the Bored Apes Yacht Club, each Bored Ape doubles as a membership card granting access to a plethora of members-only privileges.
Among these privileges is "THE BATHROOM," a communal drawing board where Bored Ape owners can leave their digital marks. Additionally, Bored Ape ownership grants entry to a private Discord server, fostering connections and camaraderie among owners. Initially priced uniformly at 0.8 ETH (approximately $190) upon release, all Bored Ape NFTs rapidly sold out and are now traded on the secondary market, OpenSea.
Statistics: The 24-hour trading volume for this Ethereum-based NFT collection stands at 938.7 ETH, with an estimated market cap of 1,236,866.9 ETH. The collection's floor price rests at 113.33 ETH, while the average selling price hovers at 134.1 ETH. Currently, there are 6,429 Bored Ape holders, as per CoinMarketCap data.
Mutant Ape Yacht Club
The Mutant Ape Yacht Club (MAYC) NFTs, introduced by the Bored Ape Yacht Club (BAYC), generated substantial anticipation. Comprising 20,000 Mutant Apes, these unique creations were born from the transformation of Bored Apes exposed to a vial of Mutant Serum.
MAYC serves as a strategic initiative, rewarding Bored Ape holders with entirely new NFTs, showcasing a "freak" variety of these primates. This approach also allows newcomers to participate in the BAYC ecosystem with reduced engagement. These "freaks" mark the culmination of BAYC's Roadmap 1.0.
Statistics: Another Ethereum-based NFT collection, the 24-hour trading volume for the Mutant Ape Yacht Collection amounts to 869.19 ETH, with an estimated market cap of 535,750.69 ETH. The collection features a floor price of 26 ETH, and the average selling price for an NFT within the collection is 28.97 ETH. At the time of writing, 12,303 individuals hold Mutant Ape NFTs.
Among the earliest non-fungible token projects on the Ethereum blockchain, CryptoPunks stands out. Comprising 10,000 algorithmically generated 24x24 pixel portraits, these digital personas exhibit random attributes, ranging from wearing hats to smoking pipes.
Rarity plays a pivotal role in determining the value of CryptoPunks, with attributes like aliens, apes, beanies, chokers, buck teeth, and rosy cheeks adding to their desirability. Some CryptoPunks, characterized by multiple rare attributes, have achieved staggering prices, exemplified by CryptoPunk #7804, which featured an alien donning small shades, a hat, and smoking a pipe, fetching over $7.5 million.
Statistics: The CryptoPunks NFT collection showcases a 24-hour trading volume of 769.67 ETH, with an estimated market cap of 664,813 ETH. The average selling price for an NFT within this collection reaches 59.21 ETH, while CoinMarketCap does not list a floor price. Currently, 3,425 individuals own CryptoPunks NFTs.
These thriving NFT collections offer a glimpse into the dynamic and rapidly evolving world of blockchain-based digital assets, where creativity and uniqueness are celebrated while forging novel pathways for interaction and ownership in the digital realm.
NFTs are unique or rare representations of either digital or physical assets and grant the holder a form of proof of ownership for the asset represented by the NFT they hold. NFTs have been around since 2017, but gained popularity during the global restrictions of 2020. The majority of NFT projects are built on the Ethereum blockchain as it is the market standard. However, we are now seeing popular NFT collections, such as WIN NFT HORSES being built on the Binance Smart Chain (BSC).