Markets for digital collectibles known as non-fungible tokens (NFT) have climbed to record highs in trading volume and average prices in the past week, particularly over the weekend.
Trading volume of NFTs on Ethereum reached $171 million, up 338% from the equivalent week in the previous month, OKLink, an OK Group market intelligence subsidiary, told CoinDesk.
OpenSea, an NFT marketplace, saw record-breaking trading volume in the past two days. Volume reached $35 million on July 31 and $49 million on Aug. 1 according to on-chain activity monitoring platform DappRadar. Excluding July 31, OpenSea had an average daily trading volume of $8.3 million in July, with a high of $14.4. million on July 17.
Another collection, ArtBlocks Curated, also saw record average price of ETH 8.1216 ($20,990) on July 31, according to OpenSea data.
Average prices for Bored Ape Yacht Club (BAYC) digital collectibles hit an all time high on OpenSea on Sunday. The average price for one of the 10,000 Bored Ape collectibles was ETH 11.2614 ($29,200), according to platform data.
A July 30 article on the New Yorker was published just days before the BAYC community came together at a meetup in Venice Beach, California. The collective also held a simultaneous event on virtual world Decentraland.