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NFTs & Collectibles / NFT Index Fund volumes surpass open markets
« on: March 21, 2021, 12:12:36 AM »
Volume spike today for the Punk-basic ($PUNK) Index over on SushiSwap today seeing over $400K from previous highs around $200K, the most the index has seen in a day so far. Other NFT indexes have already surpassed their open market sales, namely cat-based NFT collections.
The Punk-Basic index has a liquidity pool (supply) of only 129 punks, it's market cap therefore only around $5 million, 1.29% of the Crypto Punks collection. While $200K exchange volume compared to around $2.8 million in sales on OpenSea today isn't that impressive overall (less than 10% of total volume), especially compared to other NFT indexes of less valuable collections, it's a notable increase from the past the past month of trading.
Source: https://www.coingecko.com/en/coins/punk-basic
Is this the sign of more liquidity to come from the cryptocurrency space into the NFT space? Now traders can effectively buy shares of the collection based on it's floor price on a decentralized exchange, while you can also liquidate NFTs such as crypto kitties $WCK and mooncats $MCAT20. It turns out this is exactly what is happening:
Source: https://www.coingecko.com/en/coins/wrapped-moon-cats
When Wrapped MoonCatsRescue NFTs became available to swap to $MCAT20 to liqduiate on UniSwap, within 24 hours there was over $1.7 million in volume. By comparison on OpenSea, by the busiest day of saes (the second day) volume reached $4.1 million.
This means that for each of the busiest days so far, the mooncat index managed to attract an impressive 30% of the volume compared to 70% on the open market as NFTs. However within a week, there has been more volume from the $MCAT20 index today with around 120 Ether, than on OpenSea with around 80 Ether. A difference of 50% more volume now on a index fund with approximately 10% of the rescued mooncat collection.
Source: https://opensea.io/activity/wrapped-mooncatsrescue
Similarly, while the "shitty kitty" index (CryptoKitties $WCK) remains quiet around 50% of the breeding costs of a new crypto kitty, the Gen0 collection has also seen record daily volumes over $250K on the nearly 5-month old index from UniSwap:
By comparison, Kitty Helper shows only $11.2K volume (6.2 Ether) for Gen0 cats in the past 24 hours, indicating that if correction the index volume for Generation 0 Crypto Kitties (the 3rd ever NFT collection) is now 20x more than it's NFT market volume
The Punk-Basic index has a liquidity pool (supply) of only 129 punks, it's market cap therefore only around $5 million, 1.29% of the Crypto Punks collection. While $200K exchange volume compared to around $2.8 million in sales on OpenSea today isn't that impressive overall (less than 10% of total volume), especially compared to other NFT indexes of less valuable collections, it's a notable increase from the past the past month of trading.
Source: https://www.coingecko.com/en/coins/punk-basic
Is this the sign of more liquidity to come from the cryptocurrency space into the NFT space? Now traders can effectively buy shares of the collection based on it's floor price on a decentralized exchange, while you can also liquidate NFTs such as crypto kitties $WCK and mooncats $MCAT20. It turns out this is exactly what is happening:
Source: https://www.coingecko.com/en/coins/wrapped-moon-cats
When Wrapped MoonCatsRescue NFTs became available to swap to $MCAT20 to liqduiate on UniSwap, within 24 hours there was over $1.7 million in volume. By comparison on OpenSea, by the busiest day of saes (the second day) volume reached $4.1 million.
This means that for each of the busiest days so far, the mooncat index managed to attract an impressive 30% of the volume compared to 70% on the open market as NFTs. However within a week, there has been more volume from the $MCAT20 index today with around 120 Ether, than on OpenSea with around 80 Ether. A difference of 50% more volume now on a index fund with approximately 10% of the rescued mooncat collection.
Source: https://opensea.io/activity/wrapped-mooncatsrescue
Similarly, while the "shitty kitty" index (CryptoKitties $WCK) remains quiet around 50% of the breeding costs of a new crypto kitty, the Gen0 collection has also seen record daily volumes over $250K on the nearly 5-month old index from UniSwap:
By comparison, Kitty Helper shows only $11.2K volume (6.2 Ether) for Gen0 cats in the past 24 hours, indicating that if correction the index volume for Generation 0 Crypto Kitties (the 3rd ever NFT collection) is now 20x more than it's NFT market volume
