According to DappRadar, the total value of NFT sales during the third quarter of FY2022 was around $3.3 billion, which is 60% lower than the $8.4 billion recorded in the second quarter. Despite the significant decline in the volume of non-fungible token (NFT) sales during the current cryptocurrency bear market, there have been no signs of a loss in the excitement surrounding certain projects.
Despite the unfavorable market environment, demand for NFTs has managed to bounce back over the past couple of weeks. During this period, the market capitalization of NFTs increased by 16.5%. The entry of new players also kept investors engaged – projects such as Chronocatz and BVDCATs are at the vanguard of this resurgence.
Built on the Solana blockchain, BVDCATs are an NFT collection launched by the parent company of the same name, BVDCAT. As an algorithmically generated NFT project, It bears much resemblance to other projects in the PFP niche, often borrowing inspiration from prestigious names like Bored Ape and CryptoPunk.
BVDCATs has garnered much interest from investors as a collectible – depicting feline characters with a randomly generated variety of traits including fur, apparel, hair and accessories, the frequency of certain traits appearing will dictate the rarity and subsequent worth of these NFTs.
With 10,000 BVDCATs in existence, the value of the NFTs is largely influenced by demand and investor trust – this means that while the floor price of 6.5 SOL is hefty, it does not guarantee a good ROI in the case that interest in the project diminishes.
Chronocatz is a unique NFT collection that was created by the team behind Chronoly.io – a decentralised platform for trading NFTs of luxury watches. It features 7,777 NFTs, each with a unique feline character sporting a variety of algorithmically generated traits, ranging from fur, jewellery, attire and other accessories. Each Chronocatz NFT is depicted wearing a watch based on a real-world luxury timepiece from international brands. This decides the rarity of the NFT and grants holders access to the exclusive Chrono Wealth Club (CWC): A tiered membership system (1-6) dictated by the type of watch on the Chronocatz NFT. Each tier will unlock numerous perks for the holder, ranging from invitations to exclusive real-world events, watch auctions, NFT drops and watch concierge services.
Another significant difference that sets Chronocatz apart is its backing by real world assets. The luxury watches on the NFTs are backed by physical copies of the timepieces, tying the value of the NFTs to the value of the watch trading market. This stability acts as much needed reassurance for beleaguered investors who have been victim to the current bear market.
The project’s private mint concluded recently, and managed to sell over 1300 Chronocatz NFTs. This places it ahead of the other projects that have failed to garner enough consumer interest during a more competitive bear market. The public mint is now live and ends in 18 days.
For more information about Chronocatz.io
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