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Trading volume for legendary NFT project CryptoKitties soars by 2,300%

Trading volume for legendary NFT project CryptoKitties soars by 2,300%
Rhodilee
Jean
Dolor
Updated: 25 Mar, 2021
2 mins read

Trading volume for CryptoKitties increased by 2,300% over the past two weeks amid growing interest in non-fungible tokens (NFTs).

CryptoKitties is an Ethereum blockchain-based game that allows players to adopt, raise and trade virtual cats. The collectible kitties are an example of NFTs, which means these digital felines are unique, and their ownership can be validated through blockchain. 

Bullish signal for CryptoKitties

Trading volume for CryptoKitties was low over the past few months, but it surged in March. DappRadar reported that on March 1 alone, collectors spent more money on CryptoKitties than during the last ten days of February.

Collectors spent 352 ETH on CryptoKitties on the first day of the month. Trading volume dropped to 228 ETH the day after, but March 3 saw another spike as players spent 469 ETH on digital cats. 

Collectors are now spending an average of $2,000 or more on CryptoKitties, giving a bullish sign for the legendary NFT project. 

“On OpenSea Cryptokitties has moved up the charts. The feline collectibles are now in the 8th spot with 1145 ETH in volume in the past 7 days. That means that the kittens have surpassed projects like The Sandbox, Decentraland, and Axie Infinity,” DappRadar reported. 

Collecting NFTs

The CryptoKitties project sees renewed interest as famous NFT collectors share their recent acquisitions. Pranksy, a whale in the NFT market with a collection worth upwards of $9 million, recently tweeted that he added new digital cats to his collection.

Pranksy got into the NFT market about four years ago with the CrypoKitty mania.

“So I started NFTs in 2017 after getting a tip-off from a friend (My now business partner Carlini8) that ‘digital cat pics’ were going viral and selling for loads of money. I took a look at the site, installed Metamask, deposited $600-$800 in ETH, and never looked back,” he told Cointelegraph in an interview

Collectors also look beyond virtual pets. Earlier this month, OpenSea, the largest marketplace for NFTs, reported a record transaction with the sale of a set of ten autoglyphs worth $1,441,713.

Related video: How to play CryptoKitties? Explained by one of the team members at CryptoKitties.co

How to play CryptoKitties by Jordan Castro.

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Rhodilee Jean Dolor
Author

Rhodilee Jean Dolor is an experienced journalist covering finance, business, digital assets news. She aims to bring accurate and verified information to Finbold readers daily.