Checks VV Edition beats BAYC to top in NFT with the largest trade volume
Non-fungible tokens (NFTs) start to pick pace in the market as Checks VV Edition shows its brawns by beating other NFT collections and Bored Ape Yacht Club in market volume in the last 24 hours after a prolonged bear market.
Checks VV Edition on the top
The last 24 hours have seen Checks VV Edition top trade volumes in the NFT world. According to data from NFT Power Rankings on Twitter, Checks VV Edition hit 1.06k compared to Bored Ape Yacht Club, which was shy of about 50 trades. The increase in trade by Checks VV Edition hit 25.91%, as indicated in the tweet.
Checks VV Edition is a fixed NFT collection with 16,027 NFT operating in the Ethereum network. The collection under open edition NFT, trading in the OpenSea marketplace, becomes the first to top the market since the inception of open edition NFT.
Market data indicate that it has jumped ten positions to occupy first place in less than two weeks. At the time of writing, data captured in CoinGecko showed that Checks VV Edition’s floor price was 2.058 ETH ($3,352.49) with a market cap of 32,983.566 ETH ($53,730,431.28), representing a 43.7% increase. Its market volume in the last 24 hours was 2,153.7068152431 ETH with 4,262 owners.
The open edition NFT kicks out several longstanding NFT collections, including Bored Ape Yacht Club (BAYC) from the top of the list. The Yuga Labs creation took the second spot in trade volumes in the last 24 hours with a total sales volume of 944.6 at a floor price of $106,654, while its market capitalization stood at $1.1 billion.
Motivation to create Checks VV Edition
The NFT that came to the market after business magnate Elon Musk took over Twitter and emphasized the importance of a blue tick in Twitter handles is scaling the NFT market. Musk had suggested a fee of $8 for a blue tick changing the status quo.
The new measures gave Jack Butcher, a renowned artist, motivation to create checks. Jack is a transparency advocate, as depicted in his Checks VV edition, that continues to attract significant revenues.
Rise of open edition NFTs
Checks VV Edition sets a new pace for open edition NFTs in the market. Open edition NFTs enable artists to move from the traditional form of viewing art, thus aiding in creating accessible and affordable NFTs for audiences.
The creation of NFTs through open editions opens room for a higher audience than traditional art NFTs, which limits users. Digital assets through open editions also give larger audiences investment opportunities.
In addition, the open edition incorporates the use of a “burn” mechanic that works towards increasing NFT value. The “burn” mechanic allows the artist to destroy some of the NFTs from the collection to create demand for the remaining NFTs. Open edition NFT continues to expand in the market amidst mixed reactions experienced in the past few months.