Tag: Mayc

CoinGecko: Top NFT Traders Made Profits of $9.60 Million to $101.63 Million

by Blockchain News

The non-fungible token (NFT) market has been a subject of intense scrutiny and interest, with top NFT traders realizing substantial profits. A recent study by CoinGecko, published on August 4, 2023, sheds light on the investment returns of the top NFT traders on the Ethereum blockchain.

Key Findings

Top Traders’ Profits: The leading NFT traders have made profits ranging from 5,221 ETH to 55,291 ETH, equivalent to $9.60 million to $101.63 million at the time of writing.

Dominant Collections: Blue chip NFT collections from Larva Labs, Yuga Labs, and Art Blocks account for over 94.5% of total profits across the top 15 NFT traders. CryptoPunks alone represents an estimated 70.6% of top trader profits.

Top Trader: The pseudonymous SethS leads the pack with 55,291 ETH in profits, worth $101.63 million. The returns were made across 9 addresses consolidated into one NFT whale address.

CryptoPunks Millionaires: 11 of the top 15 NFT traders made millions from CryptoPunks investments, ranging from Franklin’s 1,782 ETH ($3.28 million) to SethS’ 49,216 ETH ($90.46 million).

Art Blocks and BAYC Investments: Art Blocks investments generated millions for 5 of the top 15 traders, while just 3 of the top 15 made millions from Bored Ape Yacht Club (BAYC) investments.

Analysis and Implications

The data suggests that NFTs have been a lucrative investment for those who have managed to identify collections that would become blue chips or have diversified their NFT investments. However, the report also emphasizes that not everyone is guaranteed to achieve the same success, and investment in NFTs requires skill, timing, and sometimes luck.

CryptoPunks continues to dominate the NFT trader rankings, with 8 of the top traders reaping more than half of their profits from this collection. Other notable collections include Art Blocks, Bored Ape Yacht Club (BAYC), Meebits, and Mutant Yacht Club (MAYC).

The top 15 most profitable NFT traders on Ethereum, as of August 7, 2023, include well-known names like SethS, Punks OTC, Mr.703, Pranksy, and Franklin, with realized profits ranging from $9.60 million to $101.63 million.

Conclusion

The study provides valuable insights into the NFT trading landscape, highlighting the significant profits made by top traders and the dominance of certain collections. While the success stories are inspiring, the report also serves as a reminder that NFT investments carry risks and require careful consideration and research. The recent shutdown of Mark Cuban-Backed NFT Platform Nifty’s on August 3, 2023, after failed investment opportunities, further underscores the volatility and uncertainties in the NFT market.

Image source: Shutterstock

Source

Tagged : / / / / /

Over $100m Worth NFTs Stolen YoY: Elliptic

by Blockchain News

The theft of digital currencies might have been more publicized in the past year, but Non-Fungible Tokens (NFTs) have also had their fair share of exploits and cash drains.

ELL2.jpg

According to a new report from blockchain analytics startup Elliptic, a total of $100 million worth of NFTs have been reported stolen from July 2021 to July 2022. 

Per the Elliptic report, these recorded losses may be reasonably more as most stolen digital collectables are hardly discovered. 

The losses recorded in the past year are, however, a very insignificant percentage of the total NFT transactions for the period under review. The Block’s Research data pegs the complete transactions within this period at $15.3 billion, implying that the $100 million loss is just 0.65% of the total sales volume generated.

According to the Elliptic data, scammers earned around $300,000 per scam on average. The insights also revealed that the month of July saw over 4,600 NFTs stolen, the highest month on record. The report insinuated that with this figure, it is evident that scams involving the Non-Fungible Token ecosystem have not decreased despite the crypto bear market.

The month of May is arguably the most dreaded month, with about $24 million worth of NFTs stolen as recorded. Bored Ape Yacht Club (BAYC) is the most targeted of all blue chip NFTs with a record $43.6 million stolen in total from Bored Ape owners. 

Mutant Ape Yacht Club (MAYC), a sister NFT collection also from BAYC’s creators, Yuga Labs as well as Azuki NFTs were the next most targeted NFTs with a total of $14.5 million and $3.9 million lost to both within the defined time frame.

NFT thefts have placed trading platforms like OpenSea under a lot of legal battles. Exploited platform users have often resorted to legal options as many accuse OpenSea of not implementing the right security measures to combat these thefts.

OpenSea, on its part, has introduced a more thoughtful policy that will guide its dealings with stolen NFTs to give all its users a better trading experience.

Image source: Shutterstock

Source

Tagged : / / / /

OpenSea NFT trading volume surges as Bored Ape mania intensifies

by Cointelegraph

NFT trading volumes on OpenSea are surging in January amid a renewed speculative frenzy on Yuga Labs’ Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC).

According to data posted by “rchen8” on Dune Analytics, OpenSea has generated more than $700 million worth of trading volume since the start of 2022, with Jan. 3 being the biggest day of the year with a whopping $255.8 million worth of 24-hour volume.

While popular onlookers as Wu Blockchain have asserted that the volume on Jan. 3 was a record high for OpenSea, previous data posted by rchen8 on Dune Analytics shows that Aug. 29 saw the all-time high (ATH) of $322 million.

In December, OpenSea’s monthly volume topped $3.24 billion and fell just 5.3% short of the platform’s ATH in August of $3.42 billion. With the NFT marketplace already conducting more than $700 million worth of trading volume within the first four days of January, the record highs may soon be broken if the momentum continues throughout this month.

Bored Ape mania

A factor that may be contributing to OpenSea’s surging volumes, is the recent mania surrounding the BAYC and MAYC NFTs along with a basket of other projects from Yuga Labs.

Data from CryptoSlam shows that the MAYC is currently the top-ranked NFT project in terms of seven-day volume on secondary markets at $93.2 million, with the BAYC NFTs following closely behind at second with $88.4 million.

Related: Bored Ape Yacht Club NFTs catch up to CryptoPunks, flips floor price

Over the past 30 days, the MAYC and BAYC projects have generated $189.7 million and $182.6 million apiece, making them the third and fourth highest ranked NFT collections at the time of writing.

In terms of 24-hour volume, MAYC has garnered $18.7 million worth of secondary volume, while the BAYC has generated $14 million. According to OpenSea, the current floor price for BAYC NFTs is a hefty 67 Ether (ETH) worth roughly $250,000, while the MAYC NFTs are currently going for 15.87 ETH, or $59,300.

In January so far, several Pop-culture icons such as rapper Eminem, musician Britney Spears, and comedian Dave Chappelle all reportedly snapping up BAYC NFTs for six-figure sums this month.