PhantaBear, a new line of non-fungible tokens, has dethroned the highly coveted Bored Ape Yacht Club in terms of trade volume in the last seven days.
What is PhantaBear NFT?
PhantaBear NFT, which was only minted on January 1st at a price of.26 ETH, now has a floor price of 6 ETH on OpenSea. The 10,000-piece collection sold out in less than an hour after its introduction on New Year’s Day, and its price has now risen.
Jay Chou, an Asian pop star, was successful with his first NFT collection at a Sotheby’s auction in 2021. His fashion label Phatanci partnered up with Ezek (a blockchain entertainment platform) to create Phanata Bears on the Ethereum blockchain this time.
Each PhantaBear has its own set of characteristics that grant its owner varied levels of access and benefits.
Your bear, like most NFTs, acts as your Fantasy Membership card, granting you access to members-only advantages. One of these perks allows Fantasy cardholders to advance in the Ezek Metaverse entertainment sphere.
The Bored Ape NFT collection has been dethroned
According to NFTstats.com, PhantaBear’s trading volume increased to $63.82 million in the last seven days, with its lowest floor price of 4 ether (approximately $13,200).
With a floor price of 74.69 ether (about $247,000), Bored Ape saw $54.51 million in trading volume. 185 apes were sold during the same time period, compared to 4,812 bears.
The Bored Ape collection’s dethronement is remarkable since, since its release in April 2021, it has been one of the most sought-after NFTs.
NBA star Stephen Curry, who paid $180,000 for one, and hip hop singer Eminem, who paid $462,000 for another, are among those who own pieces from the collection.
Bored Ape’s revenues surpassed $1 billion in January as a result of the sustained attention. For the first time on OpenSea, the largest NFT marketplace, in December, its floor price topped that of CryptoPunks — considered one of the original NFT collections since its release in 2017 — for the first time.
PhantaBear’s recent growth exemplifies the ongoing craze for NFTs, which are digital versions of artwork, sports cards, and other collectibles linked to a blockchain.
According to data from NonFungible.com, NFTs sold over $12 billion in 2021 on the ethereum blockchain, where the majority of these tokens run, representing a staggering 17,864 percent year-over-year increase from $67 million in 2020.
Due to their extremely speculative character, NFTs as a whole have yet to fully break into the mainstream, and many people are skeptical of their intrinsic value.
According to Kraken Intelligence’s 2021 year-end report, celebrities, digital artists, and traditional art auction houses like Christie’s and Sotheby’s are riding the NFT wave.
How and where to buy
If you want to get your hands on one, you’ll have to go to the secondary market. The collection is available on their official OpenSea page, which can be accessed here.
The overall sales volume for PhantaBear has been amazing, with 1,729 sales on January 6th alone! These bears appear to be here to stay, with a current floor of 6 ETH and a total trade volume of 16.7k ETH.