OurNetwork: Issue #103 (Part 2)
Coverage on OpenSea, Rarible, Foundation, BAYC, and Arweave.
④ Bored Ape Yacht Club
📈 BAYC sales reach $1b
Bored Ape Yacht Club (BAYC) is a collection of 10k unique digital characters on Ethereum. Many are used as PFPs, but membership also includes access to exclusive perks; its Discord has 100k+ members. One was recently purchased by Eminem. Total sales just surpassed $1b. For reference, the BAYC market cap is still only about 40% of CryptoPunk’s. Unique wallets reached ~6,090, with the average holder owning ~1.6; the most owned by a single wallet is 105. About 1,300 addresses own more than one.
BAYC’s floor price has fluctuated between ~50 and ~70 ETH over the past month; the current floor is ~68 ETH and average prices tracked around 71 to 85 ETH this past week. Over the past 3 months, the average price has been ~55.4 ETH. In September, one even sold for 769 ETH (~$2.5m).
After the project’s launch in April, volume peaked in late August (as with most NFTs), and there was an uptick in late December. This volume was driven by prices, as total sales declined substantially after April. Over the past week, each day saw ~41 trades, on average; May’s peak saw 589 one day.
📈 86% of NFTs minted on Solana are stored on Arweave
👉 Community Chat 📌 Job Board 🔎 Dashboard
Arweave is becoming the de-facto digital place for storage of NFT metadata throughout cyberspace. A key indicator of this is of a total of nearly 5 million NFTs minted on Solana, 86% are stored on Arweave (permanent decentralized storage), with only 5% being stored on IPFS (temporary decentralized storage), and 8% being stored on Web2 hosts such as AWS and Google Cloud.
Total data stored on Arweave passed 40TB, growing linearly with a hockey-stick trajectory starting in September 2021. "Total Available Capacity" isn't measurable on Arweave, but as in Ethereum or other networks, the incentives ensure that capacity will be made available as needed.
Arweave block size commonly surpasses 1GB. Since the launch of bundlr.network, large bundled transactions are now trivial to implement for NFT marketplaces, allowing payment to be made in any cryptocurrency rather than just AR tokens.