Significant Spikes In Parallel Alpha’s NFTs

Ethereum-based sci-fi Non-Fungible Token card game, Parallel, has been witnessing significant spike in the last few weeks. Earlier in the month, it launched collection of digital trading cards, for which floor prices surged quickly, trading at $100,000 mark for some of them. Parallel is considered one of the most promising NFT initiatives for Ethereum and the auction was oversubscribed. 

                          (Source: medium)
NFTs are assets based on blockchain such as Ethereum but is not interchangeable like other cryptocurrencies. It is of utility since it helps in proving scarcity and ownership of an asset and has found interest in multiple sectors including music, gaming, digital art amongst others since the start of the year. 

Parallel marketed different NFTs harnessing off-chain reservation methods for avoiding gas bidding wars as well as bots. This resulted in buyers waiting till they paid for opening packs, containing cards of diverse scarcity levels. Enhanced, Core and Premium were the three types of packs available and they were divided into categories depending on the inclusion of cards, with costs estimates from 0.01 ETH for the Core set to 0.2 ETH for the Premium set. 

The NFTs saw sales of 13,101 times in one week with aggregate sales volume being $45.04 million even as the average price of a single Parallel Alpha being $3.4k. Even though the most valuable pieces were for a set “Masterpieces,” have seen high selling of 58 ETH ($145,000), two more pieces were sold around 100,000. The common cards had a floor price of 0.04 ETH. 

OpenSea, the NFT marketplace, which recently raised $100 million for scaling operations was the key platform for secondary sales of the NFT projects. Even as activity for Art Blocks as well as CryptoPunks have been staid, Parallel’s trading volumes have risen by 93.58% and has become the fifth most traded project on the platform.

Lauded for taking steps diligently for ensuring fair drop and artwork used for collection, Parallel timed drop quite well as trading volumes for NFTs spiked to record highs facilitated by number of big players accumulating it. A pseudonym user did expenditure of $6 million for buying close to 1 percent of the supply of LarvaLabs collection Friday even as Three Arrows Capital commenced accumulating pieces from CryptoPunks, Art Blocks as well as others. 

Despite Decentralised Financial institutions leading tokens having fallen from all-time highs, some experts feel like Parallel leads the onset of the first NFT summer. The NFT marketplace OpenSea crossed $100 million in collections for expanding operations. 

Some of the biggest transactions that Parallel has been involved recently include Void Crystal sold for $411.9k, Marcolian Bannerman for $381. 5k, Star Chart for $341.2k and Instant Replicator for $313.5k. It is estimated that about 50 big transactions have been done by Parallel in last 3 weeks while 31,449 Parallel Alpha NFTs have been sold in the last 30 days. 

Users owning Parallel Alpha NFT’s also own Playing Arts Crypto Edition, 24px, Art Blocks Factory as well as Pudgy Penguins. Multi-billion dollar investment fund, Paradigm, commenced building big positions in NFTs from Parallel recently, an unreleased card game. 

It is estimated that Gamified NFTs can encompass collections such as Parallel cards, NFTs having utility within a gaming ecosystem. Other examples of collections in this category include Axies from the Axie Infinity Game. 

Blockchain research tool Dune Analytics had confirmed earlier in the month that Open Sea processed around $78.8 million in transaction volume, surpassing previous record of $70.5 million done some days back. It is estimated that the platform just processed $21 million transactions in 2020.