CryptoPunks

Nifty News: Avalanche launches mentoring initiative, Beeple opens massive new studio and more

The Avalanche Foundation has launched a new mentoring initiative for digital artists, and Ticketmaster has introduced a new feature allowing artists to reward NFT holders.

In a March 30 blog post, The Avalanche Foundation announced the launch of Avaissance, an initiative designed to support digital artists and boost the growth of the Avalanche nonfungible token (NFT) ecosystem.

Avaissance has two main components: an Artist in Resident program (AIR) for over 50 artists, and the Mona Lisa Initiative (MLI) to curate digital art and expand the collections of art-focused decentralized autonomous organizations (DAOs).

The AIR program will provide artists “of any skill level” with funding, mentorship and virtual workshops for six months. The MLI will collaborate with DAOs’ curatorial teams to promote emerging Avalanche NFT artists and establish an “Avalanche Permanent Collection.”

Ticketmaster introduces new feature for artists to reward fans using NFTs

On March 27, United States-based ticketing company Ticketmaster announced a new feature — token-gated ticket sales — allowing artists to reward NFT holders with exclusive benefits, including “special presales, prime seats, custom travel packages and access to unique concert experiences.”

The ticketing giant developed the functionality after being approached by American heavy metal band Avenged Sevenfold (A7X) and its Web3 team, Bitflips. A7X wanted help implementing a service to provide holders of its NFTs — Deathbats Club, a collection of 10,000 unique Deathbat NFTs — the opportunity to unlock perks and access to events.

The feature works with tokens minted on Ethereum and stored in decentralized application (DApp) wallets, like MetaMask or Coinbase.

NFT artist withdraws work from Sotheby’s over lack of female representation

Popular NFT artist Patrick Amadon told his 142,400 Twitter followers that he would withdraw his work from major auction house Sotheby’s upcoming “Natively Digital: Glitch-ism” art sale to protest a lack of female representation.

Sotheby’s responded the next day to say it would pause the sale to “redress the imbalance in representation within the sale,” and relaunch later with a “more equitable and diverse group of artists.”

Related: Indonesian government looks to NFTs to preserve cultural heritage

NFT artist Beeple opens a major 50,000 sq ft studio in South Carolina

Mike Winkelmann, also known as Beeple, shared a video with his Twitter followers on March 12, revealing his new 50,000-square-foot studio in South Carolina.

According to Beeple’s website, he will use the space to create his artwork and host events to “showcase the very best art and communities.”

“We are looking to partner with the most cutting-edge artists and communities to put on events that are not possible at any other venue,” the website stated.

Other Nifty News

On March 25, an NFT from the popular CryptoPunks collection, valued at approximately $135,000, was accidentally burned by an investor attempting the process of NFT wrapping to potentially borrow liquidity from it.

Sony Interactive Entertainment, the video gaming giant behind the PlayStation brand, recently filed a patent for a framework allowing users to transfer and utilize NFTs across multiple game platforms, titled “NFT framework for transferring and using digital assets between game platforms.”

Once implemented, Playstation 5 users will be able to explore NFT use cases via popular gaming titles.

SVB collapse chilled NFT trading volumes: DappRadar

Just 11,440 NFT traders were active on March 11, which was the lowest figure recorded since November 2021.

Nonfungible token trading volumes took a massive beating following the collapse of Silicon Valley Bank last week as traders fled the markets, fearing the repercussions of a major United States bank going under.

According to a March 16 report from data aggregation platform DappRadar, NFT trading volumes were hovering between $68 million to $74 million in the lead-up to SVB’s collapse on March 10, then fell to $36 million on March 12.

The dip was accompanied by a 27.9% drop in daily NFT sales count between March 9 to March 11.

NFT trading volume and sales count on all networks between March 1-13. Source: DappRadar

Just 11,440 NFT traders were “active”  on March 11, the lowest figure recorded since November 2021, according to DappRadar.

The report said that the depeg of USD Coin (USDC) — which dropped as low as $0.88 — moved trader attention away from the NFT market:

As a result, “NFT traders became less active,” Dappradar explained.

Despite the trading chills the market value of “blue chip” NFTs was not materially impacted, with the floor prices of collections such as the Bored Apes Yacht Club (BAYC) and CryptoPunks only slightly falling.

The floor price of BAYC NFTs fell 2%, from 68.4 ETH to 67 ETH, since the SVB collapse. Source: OpenSea

“The recovery was quick, showing the resilience of these top-tier NFTs,” DappRadar said. “Blue-Chip NFTs remain a steady investment in a disrupted market.”

The steady floor prices of the BAYC and CryptoPunks may be attributed to the team behind the collections, Yuga Labs, confirming it only had a “super limited exposure” to SVB, according to co-founder Greg Solano.

Related: 74% of survey participants say they buy NFTs for status

However, the floor price of the Moonbirds collection fell a significant 35.3% from 6.18 Ether (ETH) to 4 ETH on OpenSea, following the news that PROOF — the team behind the NFTs — had considerable exposure to SVB.

The floor price of Moonbird since the SVB collapse. Source: OpenSea

This was partially triggered by one Ethereum address selling almost 500 Moonbirds NFTs for losses ranging between 9% to 33%, DappRadar said.

The sell-offs on the NFT marketplace Blur totaled a loss of 700 Ether.

NFTs will act as high-end property during boom cycles: Real Vision CEO

The former hedge fund manager says that top-tier NFTs essentially serve as status symbols and should see significant upside during crypto boom cycles.

Real Vision CEO and co-founder Raoul Pal believes nonfungible tokens (NFTs) will act similar to “high-end property” in the traditional economy, outperforming Ether (ETH) during crypto market boom cycles.

In an hour-long YouTube video published on Feb. 20, the former JPMorgan executive offered a run-down of what he felt most bullish about when it came to NFTs, including key use cases for the asset class, its underlying tech and its potential performance relative to Ether.

Pal said just as “high-end property” often outperforms the market when the “economy recovers,” the same is likely to occur with certain NFTs during crypto boom cycles.

“So I can take my ETH and put it into a JPEG, an NFT. But why? Well, because much like high-end property and think of a [Crypto]Punk as a high-end property in London or New York or Hong Kong or wherever it is, when the economy starts booming and people have more money, they tend to buy expensive high-end property.”

“And it tends to outperform the rest of the market. And I think the same thing will happen in ETH economy,” he added.

He highlighted that major collections such as CryptoPunks and the Bored Ape Yacht Club (BAYC) have become status symbols in the crypto community, much like owning a luxury house, car, or item from a famous brand that offers access to exclusive clubs or what he dubbed as “mini network-states.”

He saidthat NFTs serve as a “way of owning property in the ETH economy,” adding:

“Humans are ridiculous and we love to socially signal stuff.”

Looking back, the former hedge fund manager said NFTs started to draw his attention in 2022 as he started to “understand the power of what they are and what they can do,” such as being able to transfer “value” via blockchains and automated smart contracts.

He also pointed to NFTs’ uses in the resolution of contracts, noting that blockchain-based ledgers can offer verifiable transparency on what has been agreed between people, while smart contracts can essentially do away with unnecessary third parties.

“Now what’s interesting about the smart contract element of an NFT is the fact that it kind of allows for the settlement mechanism to be automated in code and resolves without the need for a third party so you don’t need the courts, the lawyers, the notaries and the accountants.”

Pal stated that since he got into NFTs, he’s allocated roughly 10% of his ETH holdings into “premium NFTs” such as CryptoPunks and BAYC NFT.

Related: Nifty News: Yuga in doghouse over Kennel Club logo, NFT marketplace wars rage on and more

He suggested that such collections potentially offer more upside potential than downside risk, as they have managed to sustain a decent level of value during the bear market. He also believes the price of ETH is likely to increase moving forward.

“When you look at the price of CryptoPunks and Bored Apes, they’ve remained incredibly stable in ETH terms. Yes, they had a blow-off top and they came back and they’ve traded about 65 ETH forever. And that’s interesting to me because they didn’t fall much further. They had a sharp spike in June in the big crypto collapse. But other than that, they’ve just rallied back and stayed at 65 ETH. So whatever ETH does, they’re just mirroring it,” he said.

Yuga Labs co-founder to take leave of absence due to health reasons

Aronow said he would still contribute as a board member and strategic adviser. However, his priority will be getting the best medical treatment he can to recover fully.

Nonfungible token (NFT) entrepreneur Wylie Aronow of Yuga Labs — the team behind Bored Ape Yacht Club (BAYC) and CryptoPunks — will be taking a leave of absence from the office to prioritize his health following a congestive heart failure diagnosis.

In a Jan. 28 tweet to his 144,900 followers, Aronow said the tough decision to step away came on the back of the heart failure diagnosis after experiencing a myriad of symptoms over the last few months.

The NFT entrepreneur explained that while his “mild” symptoms still enable him to live a “mostly normal life,” his condition has rapidly accelerated to the point where he had no other option but to deprioritize his work.

The Yuga Labs co-founder didn’t set a date on when he hopes to recover and return to his duties.

However, Aranow confirmed that he will be sticking around as a board member and strategic advisor.

This isn’t the first medical diagnosis that has kept Aranow out of work.

Aranow revealed that he dealt with a chronic illness in his twenties which held him back from progressing in his career. When he finally recovered and co-founded Yuga Labs, there was no looking back:

“When I recovered and we started Yuga, I didn’t want to waste a second chance at life. I pushed myself way past my limits. I worked 12 hours a day, nearly every day. I should have taken the advice from everyone around me and sought balance.”

“My goals now are to get the best medical treatment I can and heal,” he added.

Related: BuzzFeed backlash after ‘doxxing’ of Bored Ape Yacht Club founders

Aronow also expressed his excitement to soon work alongside the firm’s new CEO, Daniel Alegre, the former president and chief operating officer of Activision Blizzard.

While Aronow did not provide any details on what he would be doing as a strategic adviser, Aronow recently announced on Nov. 8, 2022, that he would propose a new model for NFT creator royalties.

Aronow co-founded Yuga Labs alongside Greg Solano in February 2021.

Among the most notable NFTs developed by the company are CryptoPunks, BAYC, MeeBits and Othersidemeta.

Nifty News: Top 10 CryptoPunks wallet lays dormant, house sells on OpenSea and more

A dormant NFT wallet from 2017 with 141 CryptoPunks has been found to have minted the now ludicrously expensive NFTs for a possible $7 each.

Dormant Punks

Nonfungible token (NFT) sleuths have dug up an old wallet from 2017 that minted 141 CryptoPunks for 0.02 ETH, which was around $7 at the time when the project launched. According to Twitter user Nansen Intern from the analytics platform, the wallet is now valued at 11,300 Ether (ETH), or around $14.7 million at current prices.

The wallet has shown no activity since then, leading to speculation the owner lost the seed phrase. The wallet is placed in the top ten in terms of CryptoPunks holders and many collectors are reportedly monitoring it in hopes of snapping up a bargain.

CryptoPunks was one of the first collections to launch on Ethereum with 10,000 unique NFTs. CryptoSlam reports that it has been the third-highest collection for secondary sales over the past month, with a trading volume of $22.8 million,

According to OpenSea, which recently allowed users to submit bulk listings, rare CryptoPunk #9476 sold for a whopping $480,000, or 370 ETH, on Oct. 17, proving that the pixelated punks remain popular.

Street Machine streets ahead

NFT project Street Machine has surged in popularity and price despite a broader downturn in the market.

The cyberpunk anime series is a story-based collection designed by award-winning video game artist SpenzerG who was behind the popular PlayerUnknown’s Battlegrounds (PUBG) online shooter.

It is inspired by sci-fi, cyberpunk and anime pop culture, centering around a sprawling story with an online graphic novel theme.

The collection launched on OpenSea on Oct. 7 and has since surged in volumes and average prices. There are 8,000 story character NFTs in the collection and the floor price is currently 0.473 ETH, approximately $620.

According to OpenSea, the average price at launch was just 0.04 ETH — around $50 — but by Oct. 18 it had increased 900% to 0.44 ETH, around $570, with daily volumes topping 250 ETH, or around $325,000, late last week.

The team behind the collection aims to emulate the popularity of Yuga Labs’ flagship Bored Ape Yacht Club (BAYC) with branding, merchandise and commercial rights for holders.

NFT house sells for $175,000

Nonfungible tokens are not just for digital art, as an entire house has been sold on OpenSea as an NFT. The South Carolina property was listed on Roofstock, a real estate technology company that combines NFTs with physical property.

Related: A slice of the punk: CryptoPunk NFT to be split into thousands of pieces

The three-bedroom home sold for 175,000 USD Coin (USDC) on Oct. 15. Tokenizing property has gained traction over the past year or so, as it “creates frictionless transactions, simplifies the process, and makes information more readily available,” according to Roofstock chief blockchain officer Geoffrey Thompson.

A crypto-themed house with NFT art included has also been listed on social media for $1.2 million, according to Newsweek.

Decentraland Festival with Ozzy Osbourne

Metaverse platform Decentraland is set to host its second virtual music festival in November. The free event will be presented by Kraken and will showcase 100 artists, including rock legend Ozzy Osbourne, DJ Dillon Francis and rapper Soulja Boy.

It’s the second year of the Metaverses music festival. Its inaugural festival in 2021 attracted 50,000 virtual party-goers over four days and featured around 80 artists.

More Nifty News:

Anime-themed NFT project Azuki has released a Physical Backed Token (PBT), which is an open-source token standard that connects physical items to digital tokens on Ethereum. According to the Oct. 17 announcement, the PBT intends to enable decentralized authentication and tracking of the full ownership of physical items.

The Solana-based Magic Eden NFT marketplace has shifted to optional royalties where buyers can set which royalties they want for a project. This could result in creators not receiving royalties when their artworks are sold and has split the community, Cointelegraph previously reported on Oct. 17.

Bitcoin, space travel and TikTok debut in Guinness World Records

The latest edition has included a host of achievements from “Cryptomania,” including the record CryptoPunk NFT sale and El Salvador becoming the first country to adopt BTC as a legal Tender.

Guinness World Records has added Bitcoin (BTC) and a number of blockchain events in the latest edition of its record book under the category of “Cryptomania.”

The recognition of crypto by a mainstream staple such as Guinness World Records indicates that blockchain and digital assets were among the most publicly touched-on subjects over the past couple of years.

The 2023 edition, launched last month, has seen a number of notable crypto achievements included which spanning Bitcoin, crypto adoption, fan tokens and nonfungible tokens (NFTs).

Bitcoin was unsurprisingly recognized as the most valuable cryptocurrency, with its market cap of $816.69 billion as of March 24, 2022, while it also got recognition for being the world’s first decentralized crypto after launching in early 2009.

“Bitcoin was developed as a solution to the challenge of regulating a digital currency without any centralized organization, or ‘trusted third party’, to oversee transactions,” The Guinness World Records’ description reads online, adding that other attempts had come before that ultimately relied on a trusted third party.

OG NFT project CryptoPunks also made the cut for the most “expensive NFT collectible” after CryptoPunk #5822 was purchased for $23.7 million, or 8,000 Ether (ETH) on Feb. 12 this year by entrepreneur Deepak Thapliya.

It is worth noting that Beeple’s record $69.3 million record NFT sale didn’t make the cut there, as the firm described an NFT collectible as “limited-edition sets of artwork built around pre-rendered templates.”

Fan tokens also appeared as a category in the book. Manchester City’s token — launched via Socios in June 2021 — was recorded as the “most valuable fan token” with a market cap of $47.1 million as of March 24, 2022.

El Salvador was also included in the book for being the “first country to adopt Bitcoin as legal tender” in June last year.

“It was hoped that this move, which was condemned by the World Bank, would reduce the cost of international transfers — an important consideration for a country that is reliant on money sent home by workers overseas,” it read.

A Guinness World Records spokesperson told Cointelegraph that each edition “tries to reflect that year’s zeitgeist and the topics our readers are likely to be discussing,” with crypto joining the likes of space travel and TikTok as key subjects.

“We will be watching this space with interest over the next few years, as the technologies that underpin crypto develop and find a wider range of applications,” they said.

Related: Walmart CTO says crypto will become a ‘major’ payments disruptor

When asked about what was the most head-scratching and monumental records from Cryptomania, the spokesperson highlighted the innovation of Bitcoin, noting that it took the company a long time to get its head around it:

“Researching this title involved not only figuring out how to describe what a blockchain is […] but also putting into context decades of cryptocurrency research and what made it different to any earlier projects.”

Last week, crypto exchange Binance also revealed that it had broken a Guinness World Record after it was recognized for conducting the largest crypto lesson to date, with 289 people in attendance at Blockchain Land Nuevo León on Oct. 7.

Nifty News: Enter the afterlife in style, Solana NFT game demo hits Epic store and more

300 holders of the Spartan NFT will be able to spread their ashes at a 35-foot memorial to Spartan soldiers, to be built in Greece.

The company behind the Spartan Race has released a nonfungible token (NFT) collection which will immortalize the names of the initial holders in stone, with plans to build a 35-foot (10.5 meters) statue in Ancient Sparta encircled with 15,000 name-engraved stones.

Spartan founder and CEO Joe De Sena plans to bury his ashes under his stone at the site dubbed the Spartan 300 Memorial, which will pay homage to the ancient Battle of Thermopylae in which 300 Spartans were said to have fought and were killed.

Of the 15,000 NFTs, 300 will be “Super Rare,” with holders of that NFT type given the option of spreading their ashes over the memorial after their death, which could see it become one of the first NFTcollections to grant someone a final resting place.

Owners can sell their NFT on markets such as OpenSea, but it’s unclear if this burial perk is transferred to the new owner.

The passes sell for $3,000 and also permit holders up to nine years of unlimited access to all Spartan brand events, including its 70-hour long Death Race and its Tough Mudder obstacle race, as well as with exclusive merch drops.

NFT holders will also be granted access to an exclusive yearly event in which they can train with pro athletes along with testing the fitness brands’ products and obstacles.

Star Atlas launches demo on Epic Games store

Solana-based NFT game Star Atlas launched its first playable pre-alpha on Sept. 29 through the Epic Games store for owners of its NFTs, allowing them to view in-game vehicles they’ve purchased within the games’ environment.

Star Atlas is an open-world space exploration strategy game set in the year 2620 in which players can buy and sell NFTs representative of vehicles such as spaceships, players also mine for resources to sell on the in-game marketplace and join political factions.

The Showroom pre-alpha demo is powered by the Unreal Engine 5, a 3D creation tool released in April by Epic Games, and is used in its flagship game Fortnite.

The Star Atlas developers have also launched an open source tool, The Foundation Software Development Kit (F-KIT), which allows Unreal Engine 5 developers to more easily integrate their titles into the Solana blockchain.

Build-A-Bear enters Web3

Stuffed animal retailer Build-A-Bear Workshop is entering Web3, partnering with NFT marketplace Sweet to launch its first NFT collection in celebration of its 25th year in business.

The NFTs will be minted on the Polygon blockchain and will begin with the October auction of a physical and digital bundle which includes a unique physical teddy bear studded with Swarovski crystals along with its NFT counterpart.

A second November auction will offer five silver teddy bear NFTs also accompanied by matching physical counterparts before a December launch of 5,000 NFTs are made available for public mint.

CryptoPunk sells for 3,300 ETH

A rare CryptoPunk has sold on NFT marketplace OpenSea for 3,300 Ether (ETH), worth over $4.4 million, to an anonymous buyer on Sept. 28 marking the fourth-highest sale in terms of ETH spent, according to data from DappRadar.

Related: NFT trading volume plunges 98% from January despite rise in adoption

CryptoPunk #2924 features rare attributes such as being an “ape” type, of which only 24 exist in the 10,000-strong collection. It also has one “accessory” — a hoodie which is a rarity in the collection, and more so as it is the only “ape” to feature one. 

The most expensive CryptoPunk ever sold was purchased for 124,457 ETH, worth over $530 million at the time of purchase in Oct. 2021

More Nifty News:

Warner Music Group announced a partnership with NFT marketplace OpenSea to allow select artists to launch NFT collections on customizable and dedicated landing pages to build their Web3 presence.

Facebook and Instagram users in 100 countries can connect their crypto wallets to post and share NFTs across both platforms with parent company Meta supporting digital assets from the Ethereum, Polygon and Flow blockchains.

Nearly $55M worth of Bored Ape, CryptoPunks NFTs risk liquidation amid debt crisis

Analysts are divided on whether the potential NFT liquidation event is a buy-the-dip opportunity.

Many owners of precious Bored Ape Yacht Club (BAYC) and CryptoPunks nonfungible tokens (NFTs), who used them as collateral to take out loans in Ether (ETH), have failed to repay their debts. The situation could lead up to the NFT sector’s first massive liquidation event.

BAYC “death spiral” incoming?

DoubleQ, the founder of Web3 launchpad Double Studio, says lending service BendDAO could liquidate up to $55 million worth of NFTs to recover its loans, fearing the so-called “health factor” of these debts could fall below 1.

Notably, an NFT collection’s floor price is important in determining the health factor. BendDAO offers 30%–40% of the NFT’s floor price as loans. But the protocol sells the NFT if its floor price falls too close to the amount borrowed—a liquidation threshold, as explained below.

BendDAO’s NFT liquidation protocol. Source: Official Website

Meanwhile, the floor price of BAYC has fallen from 153.7 ETH in May to 69.69 ETH in August—a nearly 55% plunge in three months. Simultaneously, the health factor of at least 20 loans with BAYC as collateral has fallen to 1.1 as of Aug. 19, data on BendDAO shows.

Borrowers have 48 hours to repay the loan or their NFT collateral will be liquidated. According to doubleQ, these liquidations could lead to “a death spiral for the BAYC ecosystem and NFT market as a whole,” given BendDAO’s exposure to other NFT projects, including CryptoPunks and Doodles.

“OpenSea volume is at the lowest point ever in the last 12 months,” the analyst warned, adding:

“There’s simply not enough volume to save these liquidations.. It’s inevitable.”

BendDAO NFT holdings distribution. Source: doubleQ

OpenSea is the leading NFT marketplace by volume.

To buy the dip or not?

Nevertheless, doubleQ believes the incoming BAYC liquidation could offer an opportunity to buy the NFTs at cheaper rates.

On the other hand, Naimish Sanghvi, CEO of India-based crypto news outlet Coin Crunch, wonders if there would be any buyers due to a lack of arbitrage opportunities. 

“Your bid has to be more than 95% of the floor value and higher than the debt amount,” explained Sanghvi, noting that there could no room for making money from arbitrage between these values.

“The auctions don’t begin until the first bid is placed, so there may be several NFTs in limbo at a given point in time if the prices are unfavorable. And that should scare the Liquidity providers.”

This scenario would have BendDAO wait for borrowers to repay their loans—or to wait for the re-emergence of liquidators after a market recovery—to subside its “temporary floating loss.”

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

CryptoPunks’ trading volume surges 1,847% after Tiffany & Co. launches exclusive NFT collection

Anyone can buy the newly launched NFTiff, but Punk holders who own an NFTiff can also redeem it for a custom pendant.

On Monday, the trading volume of CryptoPunks, one of the sector’s most popular nonfungible token (NFT) collections, surged by 1,847% over 24 hours. Over $1,226.68 Ether (ETH) worth of Punk NFTs was traded during that time. The surge in interest appears to be tied to luxury jewelry retailer Tiffany & Co. launch of its own NFT collection, which has a special perk for Punk holders.

Dubbed “NFTiffs,” the collection consists of 250 digital passes. Anyone can purchase NFTiffs, which are minted on the Ethereum blockchain. However, CryptoPunk holders can redeem the NFT for a customized-jewelry experience. After purchase, Punk holders can elect to receive a custom-designed pendant and an NFT digital artwork that resembles the final jewelry design. These are crafted by the company’s in-house artisans and inspired by the Punks NFT collection.

Depending on the color palette of the Punk NFT, Tiffany will create pendants using at least 30 gemstones such as sapphires, amethyst, spinel and diamonds with its frame in 18karat rose or yellow gold. Buyers will receive a rendering of their piece by October, with anticipated physical delivery in 2023.

Related: NFT Clone Punks: Right or Wrong? 

Each NFTiff will cost 30 Ether, which covers the cost of the NFT, custom pendant and chain, as well as shipping and handling. There is a limit of three passes per customer, with the sale commencing on Aug. 5 at 10:00 am and a redemption deadline of Aug. 12 at 9:00 pm Eastern Time. 

At the time of publication, CryptoPunks have a floor price of 74.75 ETH, meaning that jewelry enthusiasts must pay around $125,000 for a Punk NFT on top of 30 ETH for an NFTiff if they wish to participate in the custom jewelry experience.

NFT trading volume surges amid market and floor price crash

Eight of the top 10 NFT projects have posted at least a 115% increase in 24-hour trading volume as the floor prices of many top NFT collections tumble.

Nonfungible token (NFT) trading volume has surged over the past 24 hours as crypto markets tank taking floor prices of many top NFT collections along with it.

A long list of top NFT projects such as Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Crypto Punks and Sorare have all seen more than 100% increases in 24-hour trading volumes as investors look to snap up cheaper NFTs as floor prices tumble.

According to data from CryptoSlam, eight of the top 10 NFT projects in terms of 24-hour sales volume have posted at least a 115% increase in trading volume, with the only projects falling under that mark being Goblintown at 35.54% and Moonbirds at 64.11%.

Leading the pack is Yuga Labs’ BAYC NFTs, with a 262.79% surge over the past 24 hours to account for $7.1 million worth of sales.

Notably, the following three highest-ranked projects are also owned by Yuga Labs, with MAYC, Otherdeed and CryptoPunks posting 173.49%, 157.88% and 122.69% surges in 24-hour trade volume to represent $3.4 million, $2.6 million and $2.5 million worth of sales, respectively.

24 hour trade volume: CryptoSlam

Data from DappRadar also shows that OpenSea marketplace has been the biggest beneficiary of the increased trading volume over the past 24 hours, with the platform posting a 173.43% gain in trading volume for a total of $23.88 million worth of sales.

However, the number of traders on the platform also decreased by 15.39% to 29,300 within that same time frame, suggesting that only a small number of investors with relatively deep pockets are making moves.

Related: Crypto winter survival guide: Community shares game plan for the bear market

It is also worth noting that even as projects such as the BAYC and CryptoPunks have seen their floor prices drop to 82.5 Ether (ETH), or $96,700, and 47 ETH, or $54,800, at the time of writing — down from their all-time highs of 153.70 ETH and 123 ETH — investors are still snapping up assets above the floors.

In the past 24 hours, CryptoPunks #8620 and #5690 went for 275 ETH apiece, or $327,000 at current prices, while BAYC NFTs #393 and #3441 sold for 118 ETH, or $140,000, and 105 ETH, or $124,000.