An unidentified non-fungible token (NFT) whale recently sold a substantial collection of 43 Mutant Ape Yacht Club (MAYC) NFTs for a sum exceeding $1 million.
The distribution event took place earlier today and was executed through a series of bulk transfers completed within a one-hour time frame.
NFT Whale Alert, a notable Twitter account dedicated to tracking NFT-focused whale transactions, recently called attention to the development.
According to available data, the anonymous seller divested themselves of all 43 MAYC NFTs, realizing a cumulative value of 513 ethereum (ETH) tokens, which is estimated to be worth over $1.02 million.
Notably, data from Crypto Slam indicates that the whale in question sold off the MAYC NFTs just a few hours after procuring them today. Further data suggest that all the NFTs were sold at losses, with loss margins ranging from 2.27% to 6.45%.
Per Etherscan data, the whale address in question appears to be a seasoned NFT collector, having recently acquired various collectibles such as Moonbirds, Meebits, mfers, and Bored Ape Kennel Club NFTs in the past few hours. In total, the address has accumulated 108 collectibles thus far.
NFT trade volume sees a marked uptick
These recent transactions constitute the most extensive batch of NFT sales observed in the last 24 hours.
However, the largest single NFT sale within this time frame involved an Azuki collectible, which was sold for $358,249 approximately eight hours ago. The second single most valuable sale involved a Bored Ape Yacht Club NFT, which fetched $138,381.
Launched in January, the Azuki collection had dominated the NFT market in the past 24 hours until recently when it was upstaged by the newly released Trump Digital Trading Cards Series 2, created by the former U.S. President, Donald Trump.
Within the last 24 hours, the Series 2 has generated an impressive volume of $2.6 million, surpassing the Azuki collection, which has a volume of $2.2 million.
The recent surge in NFT sales has significantly boosted the overall trade volume of NFTs in the crypto market. The digital art market has recorded a sales volume of $179.9 million within the past week, representing a 12% increase compared to the preceding week.
Despite the recent increase within the last seven days, the NFT market has seen a significant drop in sales volume since it reached its peak in January. The overall global NFT volume has continued to plummet each month, with the current value for April standing at $412.8 million.