The new year has begun to shake up the leaderboard for major NFT projects, with six-month-old “The Potatoz” surging to the top overnight across some of the industry’s leading marketplaces.
Potatoz survived a slow start in June after a market overhyped in digital assets. However, it is showing resilience despite the declining interest in this sector. The NFTs of Potatoz are a collection containing 9,999 utility enabled profile pictures (PFPs), which feature rare traits inspired by internet memes.
Daily sales volumes recorded over a 24-hour period for the project are up 136% to 800 ETH ($14,545,11) on both OpenSea and Rarible — overtaking the volume for Yuga Labs’ Bored Ape Yacht Club collection by a margin of more than 25%.
The floor price of Potatoz is 2.38ETH ($4,327). This is a fraction of what it costs to buy a Bored Ape whose initial entry price ranges from 73.7 to 81.5ETH ($133,269 – $148,178).
Glancing across an aggregate of existing marketplaces, Potatoz has now climbed to third place this week, just behind Bored Apes and Larva Labs’ Crypto Punks, CoinMarketCap data show.
All three assets fall under the PFP classification, which was popularized in a speculative bubble. It began in early 2021 and ended a year later.
In recent years, the art/collectibles sector of NFTs served as an effective onboarding mechanism to the wider crypto industry, according to Coinbase in a report.
“Importantly, this use case for NFTs significantly lowered the barriers to entry for creators,” the exchange wrote in December. “On OpenSea alone, creators have earned over $1 billion in aggregate royalties in 2022.”
Savage Nation is closely following Potatoz and Bored Apes in OpenSea, Rarible and also sits behind Potatoz. This project was started in December and focuses on 10 unique fighters from Arcadia’s dystopian metaverse.
Looking back over a seven-day period between Dec. 28 and Jan. 4, CryptoPunks is still a dominant collection that has more than doubled Bored Apes’ sales volume across all marketplaces.
Those projects are followed by Yuga Labs’ Otherdeed for Otherside and Mutant Ape Yacht Club collections in third and fourth place respectively, while Pudgy Penguins come in fifth on the leaderboard.
Potatoz, meanwhile, has begun its ascent over the same period — slotting in at eighth place across most of the industry’s leading marketplaces.