Market Analysis: FROM RAGS TO RICHIE NFT TOPS THE LOG

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RAGS to RICHIE by Alec Monopoly, a collection of 6500 NFT minted on Jul 24, 2022, at the price of 0.5 SOL, has taken the market by storm by upsetting and upstaging long-standing collections reputed to have been top of the log.

Rag to Richie top the log in terms of sales volume

Alec Monopoly developed the Collection, and it currently has 1,315 owners and 1,631 wallets. It is a collection of 10,000 NFTs, and market transactions in the last 24 hours involved 2678 out of these. In the course of transacting in the time frame, recorded $2,086,743 total sales.

Among the list of NFTs sold by this collection, the top three are the Rags to Richie #486 sold at $2,230 or  ETH 1.440, followed by the Rags to Richie #916 sold at $1,068 or ETH 0.6900, and then the Rags to Richie #694 sold at $1,006.64 or ETH 0.6400.

With this, the Rags to Richie ranked higher than any other collection on the log, with Bored Ape Yacht Club (BAYC) coming next to it at $1.39 million in eleven transactions. CryptoPunks which did $1.094 million in 9 transactions came next.

Blockchain and top NFT collection performance

On the performance of collections by blockchain, collections on the Ethereum blockchain still maintained dominance, topping the log. Collections on the Ethereum blockchain made the top twenty list with only NBA Top Shot and Froots making the list.

On the list of the costliest NFT sold in this time frame, CryptoPunks #360 ranked highest, as it sold for $145,174 or ETH 90, while the Bored Ape Yacht Club #3264 came second while selling at $140,234 or ETH 87.7700, and the Bored Ape Yacht Club #858 came third on the log, selling at $139,802.84 or ETH 87.5000.

The NFT market witnessed a lot of stability due to the appreciation in the price of major protocols. Ethereum despite falling by 5.44% has crossed the $1500 mark in the past few days, leading to a major flow in market activities.

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