- Volume of blue chip collections, including BAYC, Otherdeed and MAYC, declined over the same period
- Other not-so-popular collections filled out the drop, but there were no substantial changes.
Ethereum (ETH) NFTs like Otherdeed, Moonbirds and Bored Ape Yacht Club (BAYC) were almost always on the list of collections with the most daily earnings. Historically, in cases where some do not enter the fray, others still join those with the highest volume of sales and transactions.
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But on February 23, BAYC, Mutant Ape Yacht Club (MAYC), Otherdeed, and Azuki saw massive declines as attention turned to other collections. According to CryptoSlamMAYC still topped the volume rankings, but that was only because of high NFT minimum prices.
To date, MAYC sales volume was $14.88 million – 8.41% down from the previous 24 hours. Transactions also dropped to 564, with less involvement from both buyers and sellers. In the case of BAYC, it fell to fifth position. However, it has suffered a more tremendous decline than its Yuga Labs counterpart.
Source: CryptoSlam
From the image above, BAYC is down 52.31% in volume, with double-digit declines in transactions, buyers and sellers. So which collection trumped the usual suspects?
Penguins, Valhalla and KILLABEARS NFTs
In a surprising move, the Pudgy Penguins collection has entered the top 10. Launched in 2021, Pudgy Penguins is an Ethereum-based collection comprising 8,888 penguin NFTs. The project was also an instant hit during the season when profile picture (PFP) projects were the center of attraction.
To date, Pudgy Penguins’ sales volume was $2.43 million in the last 24 hours. This represented an increase of 41% within said period. However, data from the NFT aggregator revealed that an incredible increase in both buyer and seller participation was vital to the milestone. In all, 297 transactions led to the increase.
However, Pudgy Penguins was just one of many Ethereum NFTs to do so. KILLABEARS registered $1.128 million in sales despite being 16th. However, the most notable addition to the lots was the Valhalla collection.
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The collection, which is a native crypto brand for gamers, increased by 483%, making its 24-hour sales volume $2.43 million.
Source: CryptoSlam
Despite the giant strides recorded by these collections, sales of the Ethereum NFT ecosystem still dropped. At the time of this writing, overall sales volume is $82.12 million – down 28.53%. However, the decline in the volume of top-tier collections may only last for a while.