8liens sweeps the NFT market WITH 253% increase, but what about CryptoPunks, BAYC

by James · August 14, 2022

The wider Ethereum [ETH] The NFT market hasn’t seen any spine-tingling milestones recently, despite the altcoin hitting $2,000. In fact, sales volume across ETH NFTs saw a 3.38% drop in the last 24 hours, according to CryptoSlam.

However, there was some notable activity in the same ETH NFT market. No, it wasn’t about that Crypto-punks or Yuga Labs supported Bored Ape Yacht Club [ BAYC].

Aliens over monkeys?

According to CryptoSlam’s data, “genderless” NFT collection 8 encumbrances was the best performer NFT the last 24 hours. The NFT collection recorded over 3 million dollars in sales volume within the said period. These 3,374 transactions aggregated involved 1,672 buyers.

Source: CryptoSlam

The mentioned numbers were much higher than the activities recorded in the BAYC and CryptoPunks ecosystems. Now, although they both registered an increase, it was lower than the one registered by 8lien. In fact, CryptoPunks’ 24-hour sales volume increased by 79.62% to $2.83 million while BAYC only went up a measly 4.58% to $1.38 million.

At press time, 8liens traders’ profits averaged 32.90% with active wallets up 122.70% to 2,886.

Source: CryptoSlam

However, despite the aforementioned rise, 8liens was still down from the floor price of 0.62 ETH on August 11. At the time of writing, the lowest 8liens asset was worth 0.298 ETH. However, it is worth pointing out that the position has improved since the market was last looked at.

Can’t tame the bear

As the crypto market recovers, NFT traders can expect the market to follow suit. However, it may not be time for a full-fledged winning season just yet. This is because the entire NFT ecosystem has shown no signs of a complete revival with an overall decline of 1.80% in the last 24 hours.

Other blue-chip aggregators including Sorare and Otherdeed also noted declines in their 24-hour sales volume. Sorare was down 51.88% while Otherdeeds was down 20.02%. Additionally, Moonbirds was not left out as it went down by 42.07%.

While 8liens rallied, chances of the NFT market claiming bullish momentum remain low. Actually NFTGo reported that the global market value was down 11.33% in the last three months. The market was also far from reaching the number of traders within the same period. In fact, buyers were down 29.32% to 440,644 while the total number of traders also fell to 658,092.