103 Interactions, 4 Today
Within 24 hours, more than $7 million in CryptoKitties were transacted, led by high-dollar genesis NFT transactions.
Dapper Labs’ CryptoKitties are seminal quickly congested the network. Now, amidst the recent NFT market resurgence, some of the oldest CryptoKitties are in hot demand again.crypto collectibles. While there are older collections (such as CryptoPunks), CryptoKitties were the first NFTs to be minted using Ethereum’s ERC-721 token standard, and their popularity
According to DappRadar statistics, almost $7.27 million in CryptoKitties NFTs were traded in a 24-hour period from Thursday to early Friday. This is a significant increase for the 2017 collection, which has been mostly forgotten during this year’s NFT market spike. According to the crypto analytics business, it is a 22,106 percent increase day over day.
Much of the recent attention has been centred on NFTs from CryptoKitties’ original “genesis” line. These were the first 100 NFTs to be created on the Ethereum blockchain utilising the now-common ERC-721 token standard. An NFT serves as a deed of ownership to a digital item, such as an image or video file. With CryptoKitties, it represents a cartoonish cat with randomized traits.
Noted NFT collector Pranksy—recently the victim of a scam done in the name of famed artist Banksy (no apparent relation)—may have set off the latest round of collecting frenzy around CryptoPunks.
Yesterday, Pranksy tweeted about purchasing a pair of the original 100 founding CryptoKitties, which were bought for 100 ETH (about $379,000) each. Fellow NFT collectors VonMises, OSF, and Punk 6529 later affirmed their own respective purchases of founding CryptoKitties NFTs, which OpenSea marketplace data shows to have sold for at least 100 ETH apiece. One founding CryptoKitties NFT was sold for 225 ETH (nearly $895,000) this morning.
CryptoKitties NFT owners can breed their cats together to create new variants, and there are now more than two million total cats in the collection. Dapper’s first project is widely credited with popularizing the concept of NFTs before this year’s market boom. The first 100 such NFTs appear to have growing historical value to collectors, and this latest batch of surging sale prices reflects that view.
Dapper Labs has since produced another major NFT project, NBA Top Shot, which debuted last year and helped usher crypto collectibles into the mainstream this spring. According to CryptoSlam, the project, which runs on Dapper’s custom Flow blockchain, has generated more than $700 million in trading activity to date.
CryptoKitties will actually migrate from Ethereum to Flow due to the latter blockchain’s ability to handle more transitions with lower fees, but it is uncertain when this will occur. The shift was first hinted at in May 2020, but it has yet to take place.
Since then, NBA Top Shot has risen to prominence, potentially postponing or modifying Dapper’s intentions. Dapper is also working on NFT collaborations with the UFC and the Dr. Seuss brand.