Famous Digital Art Collecting organization Lil Moon Rockets has sold around 8,300 NFTs in just around two weeks.
Binance Smart Chain is working together with Little Moon Rockets to run this sale using Binance’s own coin BNB, which is turning out to be quite a success. Every single one of the nearly 8300 pieces sold was listed with a price tag of 0.5BN, adding to a total sale reaching just around the $1Million mark as of now. According to the analytics, there were 411 buyers, each purchasing an average of 20LMR.
According to the team at Little Moon Rockets, the identities of sold LMRs are not being shown, as the team wants to use the fair play approach of sales distribution, meaning everyone will get a unique piece according to their luck. This will surely remove the problem of fighting over good pieces and rich buyers taking hold of all the most valuable pieces leaving behind less rare pieces for others. This sale approach also gives the new buyer all sorts of freedom to do whatever they please with the prices after the purchase with no annoying restrictions holding back personal business.
The Rise of NFTs
The NFT (Non-Fungible Token) market has seen a huge rise in popularity recently, with total sales reaching over 44,000 at a total of almost $50 Million in just a single week which is absolutely amazing to see. Many celebrities have also taken part in the promotion of NFT, further aiding the increase in the overall value of the asset.
If we take a look at the overall general analytics of NFT, around 5 Million NFT, having a value of about $380Million, have been sold with the most popular trading currency used for purchasing being Ethereum, the second most valuable cryptocurrency at the moment.
Although the transactions made using Ethereum gave a good impression, but it had a bad effect on the transaction fee, which raised to an extreme high with some decentralized exchanges asking an average of $100 transaction fee, which is absolutely ridiculous for any investor or trader. This promotes the hesitation of traders, forcefully making them shift to other platforms, looking for better transaction fees. Some exchanges have been reported to be providing a better transaction fee of almost half giving traders more options for approaching NFTs.