NFTs

Aptos’ Price Pump is Driving Interest in NFTs on the Layer-1 Blockchain

Quick take:

  • The price of Aptos began surging on Jan 20 when Binance announced the opening of Aptos liquidity pools.
  • Aptos saw a price pump of over 250% in the last two weeks.
  • The price pump has been driving the surge in the trading volume of some of the top 10 Aptos NFT collections.

As the crypto market rallied after months in a post-FTX slump, the price of APT, the token of layer-1 blockchain, Aptos, rose over 50% over the weekend, hitting an all-time high of $14.39 on Jan 22. 

The sudden surge in price action was no coincidence and didn’t happen out of the blue. It began on Jan 20, when Binance announced the opening of APT liquidity pools with BTC and USDT pairs. Binance Liquidity Farming is a liquidity pool developed based on the AMM (Automatic Market Maker) principle. 

Just like any other DeFi swap, Binance Liquidity Farming consists of different liquidity pools, and each liquidity pool contains two digital tokens. Users can provide liquidity in the pools to become a liquidity provider and earn transaction fees and BNB rewards, and swap two digital tokens in the liquidity pools easily.

Following the announcement, APT saw a significant surge in price as it soared over 50% in 24 hours. The current hype behind Aptos could also be due to its large VC backing. Last July, it raised $150 million in a funding round led by now-defunct FTX and Jump Crypto. Just a few months later in September, Aptos hit a $4 billion valuation after a strategic investment from Binance, quadrupling its valuation in six months.

The blockchain’s launch on mainnet last October hit some bumps as the network was reported to have a transaction speed of 4 transactions per second (TSP), falling far short of the 160,000 TPS it promised. It also drew criticism for failing to disclose its tokenomics at launch. However, that evidently did not affect the performance of its APT token.

Aptos’ price action has also been driving interest in NFTs on the layer-1 blockchain as traders rush to cash in on the hype. According to Aptos-based NFT marketplace, Topaz, collections such as MAVRIK, Spooks, Kreachers, BabyApetos and AptoPunks have experienced a significant increase in trading volumes over the last 24 hours. 

Notably, AptoPunks, based on the blue-chip project, CryptoPunks, is seeing an increase of 2,577.2% in trading volume over the last 24 hours, while BabyApetos is having a 3,260.82% rise in its 24-hour trading volume. 

While AptoMonkeys, Aptomingos and Bruh Bears are the leading NFT collections on Aptos, they are experiencing a decrease in their 24-hour trading volume, with Aptomingos seeing a 79.45% decrease. Despite that, the trading volumes of these top three collections still far surpass others in the top 10. The leading collection, AptoMonkeys, recorded over $18,000 worth of transactions over the last 24 hours. 

With the price action of APT driving the growing interest in NFTs on the Aptos blockchain, Crypto influencer Loma expects more Aptos NFTs to launch in the coming weeks. He tweeted: “You’re about to see a bunch of Aptos NFTs flood the market over the next few days/weeks imo. Where there’s a massive pump, there’s [sudden] massive interest and innovation.”

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