The NFT ecosystem continues to boom in 2021. So much so that the author was hoping to update the regularly record-break NFT market figures; however, DappRadar’s NFT page has the following message:
“Service Notice | 27th September – (Updated @ 19:15 UTC) Due to higher than expected demand, you might encounter some loading issues with our NFT data. We’re aware of the problem, and our team is working hard to resolve the issues as soon as possible. Thank you.”
That’s right; the NFT marketplaces are so hot the demand is overwhelming the data storage platform. First reaching over $1 billion in sales per quarter earlier this year, by summer, this broke into the billions per month, and somewhere over $3 billion in September.
And why not? NFTs are a new technology that has united collectors and artists worldwide, bringing billions of liquidity to online marketplaces. Great art sales have occurred for thousands of years, but it has never been through a truly global network. Thanks to marketplaces such as OpenSea, collectors and artists can connect as these transactions can occur in minutes.
Like any excellent investment, the most successful time to get involved is early, before the momentum and influx of new investors and participants in an ecosystem stimulate massive demand that overcomes supply, resulting in a rapidly increasing price. This is even more evident in the NFT economy of 2021. In the NFT world, so far in 2021, dozens of virally successful projects have taken off.
A famous example is the Bored Ape Yacht Club, also on OpenSea. Known as BAYC, this is a collection of 10,000 unique Bored Ape NFTs on the Ethereum blockchain. The Bored Ape doubles as a Yacht Club membership card and grants access to members-only benefits, the first of which is access to a virtual location called “THE BATHROOM”, a collaborative graffiti board. With numerous celebrities getting on board and some famous auctions, the floor price stands at 38 ETH, or around $110,000. In May, one could buy a Bored Ape for under 1 ETH (around $2,900).
The Cool Cats collection is another project, perhaps less famous but highly successful for early investors. They are a collection of 9,999 randomly generated and stylistically curated NFTs that exist on the Ethereum blockchain. They have seen over 40,000 ETH in trade volume, and the floor price is 9.99 ETH. Some have sold as high as 666 ETH (around $1.9 million). At the beginning of August, you could buy one for 1 ETH.
While there is no magic formula for investors to know a project will succeed with total certainty, it can be seen that very successful projects like the Bored Apes and the Cool Cats have had active, strong social media communities. Communities have also supported successful artists in the space.
Bullseum, a fantasy art NFT project which features a world set in the 33rd century, has recently witnessed the sale of just one of their 5,000 unique NFT bulls for 7 ETH, or over USD 20,000. While this could be considered a reason for the team to celebrate, things are just beginning to heat up for this NFT ecosystem if recent history repeats itself.
Other relevant figures about the Bullseum project include the floor price doubling from 0.09 (around $250) to 0.23 (around $667), and the total trading volume for the project passed 700 ETH ( around $2 million).
Bullseum boasts a strong community for a new project – there are over 14,000 members in the Discord chat and 8,000 followers on Twitter so far; these are (no pun intended) bullish indicators. Bullseum also has additional incentives such as upcoming airdrops and a series of bear NFTs.
As the NFT markets continue to be red hot, Bullseum is a project that shows the promise that its “bull” market is just beginning.
You can find out more about Bullseum across the web and on social media here:
Disclaimer: This is a paid post and should not be treated as news/advice.