ANOTHER FREE-TO-MINT NFT COLLECTION HAS REACHED A INSANELY HIGH TRADING VOLUME ON OPENSEA!
The Saudis, a brand-new free-to-mint NFT project, has over the past week become the second most traded collection on the significant online market OpenSea.
According to rankings by OpenSea, the collection has recorded over ETH 7,000 (USD 7.4m) in trade volume over the previous week, trailing only the well-known NFT collection CryptoPunks, which has scored ETH 9,574 (USD 10m).
With more than 4,000 ETH in trading volume on Sunday, the collection temporarily overtook the top project in volume over the previous 24 hours.
According to its website, The Saudis is a collection of 5,555 NFTs produced programmatically from more than 80 potential qualities. The collection’s visual style seems to be influenced by CryptoPunks. On July 9, OpenSea introduced the collection, and it quickly sold out.
The project’s floor pricing, the least expensive item in an NFT collection, is now set at ETH 0.67 (more than USD 700), down from a Saturday peak of ETH 1.3 (approximately USD 1,650).
Like other free-to-mint hits, the project is gaining steam thanks to its vociferous army of social media fans, many of whom are making meme videos with Saudi Arabian themes to propagate the initiative’s mania.
Notably, the project’s enthusiasm has subsided during the past few days. Over the last 24 hours, the collection’s trading volume was ETH 474, which decreased by over 65%.
The ascendancy of the Saudis, meantime, has not been without criticism.
The project declared over the weekend that it would prevent 217 of its NFTs, owned by OpenSea user Right block, from being traded on that platform and other NFT marketplaces. The individual was charged with being a “hacker” by the team.
A month ago, another free-to-mint initiative called Goblin Town caused a stir in the NFT market with its results. The Saudis are the most recent successful NFT collection. According to data from Cryptoslam, Goblin Town sales plummeted by 60% in a month, the floor price dropped by about 4%, but the number of owners rose by 30%.