Base is a silver lining in a struggling NFT market: Here’s why
- The NFT market showed renewed activity after a period of decline.
- Yuga Labs’ Blue-Chip NFTs stood out, while BAYC and MAYC’s collections also showed strong performances.
Over the past several months, the NFT market experienced a notable decline. However, a fresh surge of enthusiasm has emerged, largely driven by the Base protocol. This newfound interest is injecting vibrancy into the NFT market.
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Base comes to the rescue
Data from Parsec Finance revealed a rising trend in Base NFT transactions, particularly notable in the Rainbow World collection, which defied broader NFT market trends. This rise in Base NFTs suggested a potential positive impact on the market.
Base NFTs chartable on parsec
Rainbow World breaking NFT market wide trends pic.twitter.com/yUV9RlUyyb
— parsec (@parsec_finance) August 29, 2023
Conversely, the outlook for PFP NFTs remained somber. PFP NFTs, or profile picture NFTs, witnessed a decline, with the USD market cap of top projects dropping from $5 billion to $2.2 billion, a 56% decrease from the peak in February.
The USD market cap of these top PFP projects peaked at $5b this year.
It's now $2.2b, down 56% ($2.8b) from the Feb peak. pic.twitter.com/6aaUvyXTT0
— NFTstats.eth (@punk9059) August 29, 2023
A broader view of NFT activity across marketplaces also revealed a decrement. According to Dune Analytics, NFT trades and volumes fell across major NFT platforms.
This decrement in volume and trade may have broader implications for the NFT sector.
What’s cooking at Yuga Labs?
But regardless of the above trends, Blue-Chip NFT collections by Yuga Labs have maintained relatively stable performance. For instance, Bored Ape Yacht Club’s [BAYC] floor price rose by 8.48% last week while its volume increased by 49% in the last 24 hours, according to NFTGO’s data.
Similarly, Mutant Ape Yacht Club [MAYC] exhibited a 14.8% weekly increase in price and a 69% surge in sales over the past 24 hours.
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The growing interest in Yuga Labs’ NFTs might also contribute to the growth of ApeCoin [APE], whose price surged to $1.473. However, Apecoin’s turning network growth indicated a falling interest in transferring APE.
Likewise, its velocity suggested a reduced frequency of APE trading.