Four months after its launch, the NFT Otherdeed collection has surpassed NBA Top Shot in terms of total sales volume.
August was a difficult month for the non-fungible tokens sector, with the number of unique buyers and transactions well below the figures seen in the first months of the year.
Despite this market slowdown, Otherdeed is making its rivals tremble. Recently, the NFT collection has surpassed some of the biggest projects in terms of sales volume, including Azuki, CloneX, Moonbirds, VeeFriends, Doodles, and Meebits.
According to data from NFT aggregator CryptoSlam, Otherdeed’s total sales volume reached nearly $1.035 billion.
After kicking off August with an overall sales volume of $1.02 billion, Otherdeed has overtaken NBA Top Shot, one of the most successful NFT projects.
Otherdeed is gaining ground
Launched in April, Otherdeeds are dynamic virtual land NFTs based on the Otherside metaverse, which is the largest expansion of the Bored Apes Yacht Club (BAYC) universe and the ApeCoin ecosystem.
While BAYC NFTs surpassed $2 billion in total sales, the ApeCoin (APE) token brought over 3,000% gains to its holders in March. This contributed strongly to the success of the Otherdeed collection, which achieved nearly $943.7 million in sales in May.
In the graph above, we can see that the collection recorded over $400 million in sales between the last hours of April 30 and the end of the first day of May.
However, the decline in the crypto market caused Otherdeed’s sales to drop to $30.9 million in July and around $20 million in August.
Otherdeed surpasses NBA Top Shot
In the last week of August, the NFT Otherdeed Collection topped NBA Top Shot in terms of total sales.
The NFT collection, which captures the best moments of NBA players, has totaled sales volume of $1.027 billion.
Born in 2020 from a partnership between Dapper Labs and the NBA, Top Shot is an NFT marketplace where basketball fans can buy, sell and trade NBA video clips.
Throughout 2020, NBA Top Shot did not exceed $1 million in monthly sales. But with the boom of the non-fungible token market in 2021, the NFT collection reached a record high of $224 million in February 2021 (with 82,822 unique buyers, over 1 million transactions and an average selling price of $181.81).
The other months that strongly contributed to the success of NBA Top Shot are March 2021 ($208 million)April 2021 ($82 million) and January 2022 ($59 million). However, the market downturn that began in December 2021 and exacerbated during the first half of 2022, caused sales of the collection to drop drastically.
In June 2022, NFT NBA sales fell to $7 million in June, down 86% from January. The following month, they increased slightly to $8.3 million.
Indeed, the saturation of the market which comes from an increase in the number of professional basketball players involved in the project, has caused the prices of NBA Top Shot NFTs to plummet. In August, the average sale price of non-fungible tokens in the collection did not exceed $20.
Last year, the growth of the NFT market and the introduction of Web3 and the metaverse propelled both collections to all-time highs.
Note also that NBA Top Shot is based on the Flow blockchain and its native token FLOW, while the Otherdeed collection is directly linked to the Bored Ape and ApeCoin (APE) ecosystem.
How have these two native tokens performed alongside their respective projects?
Evolution of the APE crypto
The APE crypto started May with a price of $20.02, before falling to a low of $3.09 on June 15 and reaching a price of $4.90 in the last hours of August 29. Overall APE has lost 75% in four months.
Crypto FLOW Evolution
FLOW started May at $4.49. On May 5, it reached a high of $5.20 before dropping to a low of $1.17 on June 18. On August 29, the token was trading at $1.89, meaning it lost 57% in four months.
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