August has not been a particularly great month for NFT enthusiasts, primarily because both the number of sales and sale volume of NFTs dropped by around 43 and 74 percent, respectively.
According to Dune Analytics, $26,147,513 in NFT sales occurred on 1st August 2022, a major drop from the $94,338,447 in sales from exactly a year ago in 2021.
However, there were still several heavy hitters like Bored Ape Yacht Club and CryptoPunks rising higher in sales. Some lesser-known NFT projects did considerably well too.
Here are some of the highlights:
➢Both Ethereum and Solana lost 6.94% and 17.34%, respectively, when compared with June 2022.
➢Seven of the top 10 NFTs in August were Bored Ape Yacht Club (BAYC) projects.
➢Most of the top 10 NFTs traded in red, except Lady Ape Club, The Potatoz, and Rare Apepe YC.
Check out the top 10 NFT sales in August 2022 below.
Mega Mutant #30005 (9th August)
Mega Mutant #30005 has reportedly sold for 2300 ETH ($3.9M) 👀
BULL RUN INCOMING 💫 pic.twitter.com/yD41GbqC0D
— Ryan.S◎L (@SolanaRyan333) August 10, 2022
Mega Mutant has consistently ranked high selling NFTs, but on 9th August, Mega Mutant #30005 reportedly sold for 2300 ETH ($3.9M), which is one of the most expensive NFTs on our list. This private sale has marked a new all-time high for Mutant Ape Yacht Club.
Loot Bag #666688 (23rd August)
Calling all Adventurers!! 📢
Gather as we unveil the Highest Priced NFT of the day as the precious Bag #666688 was sold for 1,500 ETH!! 🤩🤩
— TokenHunt.eth (@TokenHunt) July 2, 2022
Loot is a unique NFT project with no image or stats but a text-based adventure gear list. One of Loot’s unique NFTs was sold for 1206 ETH, roughly equivalent to around 2 million USD.
Bored Ape #5383 (17th August)
BR3AKING: Bored Ape #5383 has sold for 777 ETH ($1.47M USD) pic.twitter.com/cF3Nu8mdxe
— The Metaverse (@themetav3rse) August 17, 2022
Next on our list is Bored Ape, which changed owners 6 times and, according to the last transaction, has made its owner 1 million U.S dollars. It was sold for 777 ETH, which is definitely a step up from its floor price of 0.080 ETH or $228 back in April 2021. Just for context, that is an APY of around 97735.91%.
SuperRare: Don’t Panic (23rd August)
💎 Don't Panic 💎
— SuperRare Bot 💎 (@SuperRareBot) August 23, 2022
Next on our list is SuperRare’s Don’t Panic NFT, which is more of an animated GIF. The project changed hands 6 times in a short span of time and was recently sold for 500 ETH, which translates to around 800K USD. Given its floor price at launch was just 1 ETH, SuperRare sure matured into a force to be reckoned with.
Pudgy Penguin #6873 (10th August)
🔥 @pudgypenguins witnessed a considerable increase in Volume by 160.6%, Traders by 84.31%, and Sales by 89.69% in a 7-day timeframe. Amid the noticeable high activity, Pudgy Penguin #6873 was sold for 400ETH!
— DappRadar (@DappRadar) August 24, 2022
Everyone loves an innocent Penguin, which is perfectly reflected in the extortionate price of 500 ETH (754K USD). However, Pudgy Penguin #6873 was first sold for $465K or 150 WETH, so we won’t be surprised if it features again in a few months’ time in our top NFT sale list.
SuperRare: The Sailor (20th August)
The Sailor, by @FEWOCiOUS, minted 01/14/21.
Description: "i don't know what's ahead and i can't be certain. moving onward and upward, my friend… at least im trying."
— Farokh (@farokh) August 18, 2022
The second NFT from SuperRare that made our list is the sailor NFT art. This fusion art had changed hands 8 times before settling for around 361 ETH or $680K.
Bored Ape #7863 (12th August)
— APE G4NG (@ape_g4ng) August 11, 2022
This bored ape NFTs has always been in trend, and this is still true. This ape token sold for 344 ETH, which is roughly around $631K. Given the low floor price of just $228 in 2021, BAYC has truly been the revolution that the NFT market needed.
CryptoPunks: Ͼ 9400 (13th August)
— CryptoPunks Bot (@cryptopunksbot) August 13, 2022
The first CP in our list is the Ͼ 9400 series NFT that was sold for 300 ETH. CryptoPunks has always been a top choice for NFT enthusiasts, and the trend continues in August of 2022 as well.
Bored Ape #5491 (10th August)
#5491 sold for 150 ETH (211.04k $)
— NFT Monitor (@NFT_Monitor) August 11, 2022
Sold for $280 815 (150 WETH), Bored Ape #5491 is another successful entry that made our list. The NFT is again listed on opensea and already has bids over $100,000.
Punk #608 (11th August)
— CryptoPunks Bot (@cryptopunksbot) August 11, 2022
The last entry of our top NFT sales for the month of August belongs to Punk #608. It was sold for 165 ETH, which translates to around $313,740.
What Does The Future Hold For NFTs?
Despite 2022 being a particularly bad year for the NFT market, a new study from Juniper Research has found that the global number of NFT transactions is likely to rise from 24 million to 40 million by 2027, if companies incorporate the Metaverse into their marketing strategy to boost digital growth.
The report predicts metaverse-linked NFTs will be the fastest-growing NFT segment over the next 5 years; increasing from 600,000 transactions in 2022 to 9.8 million by 2027 —highlighting a rising demand for immersive experiences as a driver of metaverse adoption.
To capitalise on this growth, the research urges consumer-facing businesses to create NFT‑based content to meet changing demands from a younger, tech-savvy demographic, who are more ready to purchase novel forms of online and digital content.
What Does ‘Complete’ Ownership of NFT Really Mean? Developing Story
Have you ever wondered the point of spending so much money on these NFTs when you can simply screenshot and use them? The main reason for NFTs to be so expensive is because they are sold with the promise of ‘complete ownership,’ but new research conducted by Galaxy Digital found out that “the vast majority of NFTs convey zero intellectual property ownership of their underlying content.”
It came to this conclusion after carefully reviewing the terms and conditions of major NFT projects, which includes some major names like Yuga Lab’s BAYC, Decentraland, and Sandbox. What is more alarming is that many companies (Yuga Labs) even went on to mislead investors to some degree about their rights by adopting the widely known Creative Commons license, which makes it virtually impossible for NFT holders to defend exclusive rights of the art.
Galaxy Digital’s report is not an independent case. Cornell University conducted a similar report and found discrepancies in BAYC terms. BAYC terms clearly promise that buyers “own” the complete ownership of the art for their token, so the license BAYC grants to the owner makes it counterintuitive. In simple terms, you should not need a license to use something you own.
Reports like this are essential as it challenges the fundamentals of NFTs and educates people about blockchain technology. However, this is a developing story, and no official statement has been yet found from the BAYC or other NFT companies.