Yes, the NFT world is exploding. The key for investors/gamblers is to figure out when the hot potato is going to turn cold.
With April coming to end, we took a look at what NFTs stayed hot and which did not.
We begin with CyberKongz, which we called ingenious back in October, when it was exploding. What happens if you can build an NFT that would pay off dividends every day and you could sell those dividends without selling your main asset?
That's what CyberKongz did. You buy the gorilla and each day you hold the gorilla, you get 10 more bananas. Then you can sell those bananas on the banana market, while still keeping your gorilla.
Ridiculous? Yes. Smart? Seemed so.
CyberKongz generated almost $200 million in sales, making it a top 25 all-time grossing NFT. But the gorillas have come to a near standstill.
In October, when everyone was talking about them, CyberKongz generated $48 million in sales, with the average gorilla selling for $64,660. In April, the average gorilla sold for $18,256 as the banana price plummeted from $12.77 in late March to below $5.
Art Blocks is the fifth-most successful NFTs of all time (one of five NFTs to achieve more than $1 billion in total sales), but interest in it has rapidly declined.
From July through October 2021, Art Blocks generated $987.2 million in sales, but has only done $216 million since. In August 2021, Art Blocks was doing $18.9 million in sales a day. This April? Less than $15 million was traded for the entire month.
The value of NFTs in the game The Sandbox has become nightmare fuel. There was $77 million worth of NFTs sold for the game in January at a price of $11,591 each. In April, the average character was trading at $326.
Sports based NFTs didn't particularly impress in April.
Top Shot only generated $26.4 million in sales. Like Art Blocks, Top Shot has become the story of feast and famine. From February through April of last year, Top Shot generated $514.5 million in sales. In the 12 months since? $433.2 million.
Sorare has recently been given the benefit of the doubt over Top Shot because the fantasy aspect gives it more utility. But Sorare wasn't so hot in April. The average price of their NFT was $84.46, the first time in 14 months that the average price was below $100.
VeeFriends has been a big success for entrepreneur and influencer Gary Vaynerchuk, who tied his NFTs with access to his conference. With $535 million in sales, VeeFriends is in the top 10 of all time in NFT sales, but April marked an all-time low for the average sale of VeeFriends ($39,241). Some of that undoubtedly had to do with the introduction of VeeFriends2 in the month.
The stars of the NFT world that continued to shine were anything owned by Yuga Labs. The Bored Ape owners bought CryptoPunks in March.
April saw the average Bored Ape price jump above $300,000 for the first time ($308,497) and the average Mutant Ape jump to nearly $100,000 ($92,892).
On the last day of April, Yuga created metaverse land project Other Deed and had more than $580 million in sales in the first three days, putting it into the top 10 of all NFT sales immediately.
Absolutely wild.
