Renga NFTs Overtake Combined Volume of CryptoPunks and BAYC
Renga NFTs, a collection of 10,000 PFP characters, have been making huge waves in the NFT world as of late. Surprisingly, the project has registered a higher trading volume than the combined volume of CryptoPunks and Bored Ape Yacht Club (BAYC), two blue-chip NFT collections, over the past seven days on OpenSea.
What Are Renga NFTs and Renga Black Box NFTs?
Created by independent illustrator and comic artist Dirty Robot, Renga is a collection of 10,000 handcrafted characters. Each digital item has its own identity and will have wider compatibility within the Renga universe, becoming part of the vast Renga storytelling ecosystem.
The project’s art is unique in many ways and focuses on Japanese-style manga and anime. Notably, ‘Renga’ (連歌) is also a genre of Japanese linked-verse poetry in which two or more poets supplied alternating sections of a poem.
The project’s creator, Dirty Robot, is based in Japan and has over 20 years of experience in the comic art form. Also known as Daniel Isles, the artist is originally from Birmingham and has spent most of his life drawing and making his own comic strips.
Meanwhile, the Renga Black Box NFTs are the latest collection from the Renga Factory. The Black Box NFTs are a collection of spinning black cubes that allow users to mint an NFT by burning the box. Each box is a portal to a random archetype from the Renga world and includes random attributes.
Renga’s Meteoric Rise Defeats Bear Market Expectations
Renga’s floor price has seen around a 700% increase over the past month. The project’s floor price currently sits around 4.69 ETH, worth around $6,300, according to data by NFTGo.
The project has also surged to the top of OpenSea’s list of NFT collections in terms of trading volume. With a 7-day volume of 5,889 ETH, Renga has registered a higher trading volume than the combined volume of CryptoPunks and Bored Ape Yacht Club (BAYC).
However, over the past 24 hours, the project has taken a hit in terms of transactions. According to data by CryptoSlam, RENGA sales have dropped by 46% to $284,000 over the past day. The collection’s buyers and sellers have also endured, dropping by 43% and 47%, respectively.
The rise of Renga comes as the market for NFTs continues to struggle amid a prolonged crypto winter. NFT sales volumes have fallen to the lowest levels in more than a year, and the lowest price of some major collections has also dropped significantly from their all-time highs.
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NFT Market Down Amid Lingering Crypto Winter
The Ethereum blockchain, where the bulk majority of NFT trading takes place, has seen its trading volume drop to around $5 million in recent days, down by over 99% compared to the all-time high of $628 million recorded on May 1, 2022, according to data by CryptoSlam.
Blue-chip NFT collections like CryptoPunks, Bored Ape Yacht Club, and Mutant Ape Yacht Club have seen their volume drop significantly over the past week. CryptoPunks has registered $5.41 million in volume over the past seven days, down by -48.24%.
However, these projects have seen a slight uptick in their floor prices. The floor price of CryptoPunks has reached $89,000, up by 9.22% over the past week. Bored Ape Yacht Club and Mutant Ape Yacht Club have also scored a 6% and 2% gain in their floor prices, according to data by DappRadar.
Nevertheless, it is worth noting that the adoption of NFTs and investments in the industry continues despite the market downturn. In late August, NFT collective Proof raised $50 million in Series A funding despite the overall bad market conditions, which could imply that big investors are still bullish on the NFT market.
Do you think Renga will be able to maintain its position as the top NFT collection? Let us know in the comments below.