Art Blocks’ Friendship Bracelet collection shoots to the top of OpenSea’s NFT leaderboard

Art Blocks’ Friendship Bracelet collection shoots to the top of OpenSea’s NFT leaderboard

A free-to-mint collection from the generative NFT platform Art Blocks recorded the highest 24-hour trading volume on OpenSea.

Total trading volume hits $9 million

Art Blocks’ recently released NFT collection, “Friendship Bracelet,” has reportedly taken the number one spot on OpenSea’s NFT leaderboard following a day of heightened trading.

Information from OpenSea indicated that the collection, which was initially free to mint, had the highest 24-hour trading volume on the platform as of Jan. 10. According to the data, the NFT collection recorded a trading volume amounting to 996 ETH, valued at over $1.3 million at the time.

Art Blocks’ Friendship Bracelet collection shoots to the top of OpenSea’s NFT leaderboard - 1

The Friendship Bracelet’s sales volume since its release in October 2022. Source: OpenSea

The latest figures brought the collection’s total trading volume since its release to 7,437 ETH, which translates to about $9.9 million.

The collection’s floor price is currently pegged at about 0.62 ETH, with 6% of the minted NFTs listed on the marketplace. In the last seven days, the floor price has increased by 61% while the number of sales has increased by a whopping 243%.

OpenSea’s information shows that the NFTs are spread among 14,247 owners, with 45% holding only one item. A further 45% own between two and three items, 5% own between four and ten items, and 1% of them have bought between 11 and 25 items. The largest holder of the Friendship Bracelet currently owns 699 items, which represent 1.82% of the total number of NFTs minted in the collection.

NFT collection inspired by children’s trinkets

The Friendship Bracelet project was the brainchild of Art Blocks’ founder and NFT pioneer Erick Calderon, also known as Snowfro. It’s a collection of 38,415 friendship bracelets made by generative NFT artist Alexis André.

André modeled the dynamic artworks after the novelty bracelets exchanged between children and made them accessible to everyone who owned any Art Blocks NFT as of Oct. 26, 2022. The project bridged the divide between physical and digital, providing holders of the NFTs with simple instructions on making bracelets from a few dollars’ worth of embroidery floss.

Art Blocks NFT holders were entitled to mint up to two Friendship Bracelet tokens for free when the collection was released in late October last year. The claim window concluded on Tuesday, sparking the late secondary trading frenzy that pushed the collection to the top of OpenSea’s leaderboard.

Art Blocks brings new experiences to NFT space

The success of the Friendship Bracelets project underpins the growing popularity of generative NFTs. Since its founding in 2020, Art Blocks has carved a niche in this new space. The platform has supported hugely popular generative NFT collections such as Emily Xie’s Memories of Qilin, Snowfro’s Chromie Squiggle, Tyler Hobbs’ Fidenza, and Dmitri Cherniak’s Eternal Pump.

According to Art Blocks, the Friendship Bracelet was its way of giving back to the NFT community that continues to support its roster of artists.

Follow Us on Google News