Otherside and Apes NFTs Dominate Today’s Trades, Nansen Data Suggests

Yuga Labs’ NFT collections take first, second and third place with the most trading activity in the past 24 hours. Rocket Pool’s rETH has lost ground since Tuesday.

AccessTimeIconMay 4, 2022 at 9:08 p.m. UTC
Updated May 4, 2022 at 9:25 p.m. UTC

Sage D. Young is a tech protocol reporter at CoinDesk. He owns ETH, LINK, AAVE, PEOPLE, OS, and HTR as well as a few NFTs.

According to data from blockchain analytics firm Nansen, the most actively traded non-fungible token (NFT) collections over the past 24 hours have been those created by Yuga Labs. Otherdeed for Otherside, Bored Ape Yacht Club and Mutant Ape Yacht Club NFTs have a combined volume activity of 34,945 ether (ETH) or approximately $100 million.

On May 4, Yuga Labs announced it has refunded gas fees to those whose transactions failed during the Otherside NFT sale over the weekend.

CoinDesk - Unknown

(CoinDesk Research, Nansen)

Meanwhile, savvy cryptocurrency traders have been accumulating LOOKS, the LooksRare NFT marketplace token, and decreasing their bag of rETH.

In the past 24 hours, $1.08 million worth of LOOKS has entered into addresses labeled by Nansen as “smart money,” more than any other token monitored by the firm. Typically, inflows are a signal of rising asset prices.

Nansen considers a wallet to be “smart money” if it meets at least one of several conditions, including:

  • It is known to belong to an investment fund
  • It has made at least $100,000 by providing liquidity to decentralized finance (DeFi) protocols, SushiSwap and Uniswap, excluding so-called impermanent loss
  • It has made multiple profitable trades on a decentralized exchange (DEX) in a single transaction, through mechanisms such as “flash loans”
CoinDesk - Unknown

(CoinDesk Research, Nansen)

LOOKS is the native token that fuels the LooksRare NFT marketplace, a rising competitor for OpenSea.

LooksRare collects a 2% service fee in WETH on all NFT transactions. Of those fees, 100% are distributed among LOOKS staking participants. Moreover, buyers and sellers are incentivized to list and trade NFTs on LooksRare as a way to earn LOOKS tokens.

Currently, LooksRare has roughly 75,000 total users.

Tuesday, Rocket Pool’s rETH staking token had the largest inflow into smart money wallets. Today’s data, however, tells a different story. Over the past 24-hour period, roughly $1.53 million worth of rETH has moved out of smart money wallets, the biggest outflow among tokens monitored by Nansen.

CoinDesk - Unknown

(CoinDesk Research, Nansen)

rETH is Rocket Pools’ token representing a user’s staked ether. The outflow of rETH coincides with Lido, the leading staking solution and Rocket Pools’ competitor, briefly overtaking Curve in total locked value (TVL).

Nansen is one of many firms that parse publicly available information about crypto transactions, although unlike Chainanalysis and similar firms, its services are geared toward giving investors an edge rather than helping law enforcement catch bad actors.

While cryptocurrency addresses appear on public blockchains as random-seeming strings of letters and numbers, Nansen uses algorithms, its own investigations and information submitted by users to draw inferences about the entities behind pseudonymous wallets.

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Sage D. Young is a tech protocol reporter at CoinDesk. He owns ETH, LINK, AAVE, PEOPLE, OS, and HTR as well as a few NFTs.

CoinDesk - Unknown

Sage D. Young is a tech protocol reporter at CoinDesk. He owns ETH, LINK, AAVE, PEOPLE, OS, and HTR as well as a few NFTs.