The value of BAYC NFTs on the OpenSea NFT platform surged by over ten times over the past 24 hours, causing the worth of ETH being traded on the marketplace to rise to more than $120m.
The 150% Increase
A dune analytics data revealed that a 900% rise in the BAYC value resulted in a 150% increase in the ETH trading volume on the NFT platform. Also, sales of BAYC spin-off mutant ape yacht club (MAYC) surged by over 950%. Consequently, the value of ETH transactions on OpenSea rose higher than $100m again.
The middle of last month was the last time OpenSea’s ETH transaction volume reached that level. Launched in the first quarter of this year, the BAYC consists of 10,000 Ethereum-built NFTs. Some of these NFTs are cartoon-like but with over 160 characteristics. There are times the BAYC puts on human clothes, with a few among them in metallic bodies. All these NFTs are stored on Ethereum as ERC-721 tokens.
The BAYC And The Universal Music Group Collaboration
As widely reported today across various media, the BAYC and the universal music group completed the deed for an agreement a few days ago. The universal music group remains one of the top entertainment labels around the world.
Part of the partnership agreement is for the music company to create a metaverse-based music band which has already been described as kingship. Buyers will be entertained with several performances by the band in the virtual reality world. The band will be coordinated by Nicolas Adler, who coincidentally also manages the metaverse-built Snoop Dogg.
Timbaland’s Ape-In Productions Will Merge NFTs With The Metaverse
With many famous figures changing their profile images to the NFTs they have purchased, it is safe to say that NFTs will be with us for the considerable future. Now, Timbaland is following the footsteps of the Universal Music group and BAYC by launching his entertainment music hub using NFT characters.
Timbaland calls its NFT-built entertainment music hub the ape-in productions, which will be a combination of NFTs and virtual reality. A billboard announcement revealed that these entertainment hubs would be metaverse-based. However, recorded and live entertainment events will occur there, but all will be sold as NFTs.
Timbaland is already showing his seriousness as he has already signed up a music band for his new label. The band known as TheZoo consists of many BAYC members such as Oro Blanco and congo. The band will release their new single in the next two days, with Timbaland as the producer. Timbaland further said, “we are deeply excited at the possibility of giving complete control and ownership into the hands of the creators, all of which are made possible by the NFT-metaverse merger.”
The rising use cases of NFTs and their storage on the Ethereum network, amongst other factors, seem to have a bullish effect on Ethereum price movement. The second-largest cryptocurrency gained up to 2.7% in the past 24 hours. With a rise in trading volume by about 6.95%, which totals $14.37m, Ethereum’s market dominance is almost 19.5%. ETH has broken the local high on the 4-hour chart and remains bullish.