Two ‘Genshiro CaNOT NFTs’ have dethroned the famously popular ‘CryptoPunks‘ from the top of DappRadar’s NFT Sales Chart. The pair of non-fungible tokens sold separately, securing individual prices of more than $240,000 in the last 24 hours.
The ‘Genshiro Cats’ NFT series is available on the OpenSea secondary market and haven’t actually been around for very long. Nevertheless, two items from the series are currently topping the highest-grossing assets of the past day. ‘Mortimer the Crypto Mystic’ brought in US$308,860 (or 158 WETH), while ‘Commander Fluffy’ bagged $247,870 (126.8 WETH).
‘Genshiro Cats’ NFTs Also Show Weekly Strength
The numbers look set to prove anything but a flash in the pan. The ‘Genshiro Cats’ NFT collection isn’t just riding high in the daily charts, the young collection is holding its own well in the weekly sales rundown, too. At the time of writing, tokens in the series were holding fast at third and fourth biggest earners of the last seven days. And when you consider pole position goes to the huge Decentraland plot sale, followed by the always-in-demand ‘CryptoPunks’ (#8805 secured $334,320 this week), the achievement is even more impressive.
But who is behind the ‘Genshiro Cats’ NFT series? The Equilibrium team created the collection as a means to fund a new Kusama-based DeFi project. This means any money generated from the series will be used to participate in parachain auctions on the network. To date, just seven of the furry tokens have been minted, each with a different cryptocurrency symbol. The icons relate to Bitcoin (BTC), Ethereum (ETH), Polkadot (DOT), Genshiro (GENS), Equilibrium (EQ), Binance Coin (BSB), and Kusama (KSM).
‘Genshiro Cats’ NFTs Are Not Static, They Change Over Time
Unlike the vast majority of NFTs you have probably seen or heard about, ‘Genshiro Cats’ mirror IRL felines by growing over time. Or at least changing in appearance. Each token has been preset to alter its look when the corresponding cryptocurrency reaches a particular value. So for Bitcoin the so-called Golden Threshold is $100,000. In comparison, Binance Coin has a threshold of just $1,000.
‘Genshiro Cats’ offer some substantial rewards to owners. If you have at least one of the tokens then you can claim higher staking rewards in Equilibrium’s Kusama PLO. And you will also be entitled to discounted interest rates on borrowing and lower trading fees on both Genshiro and Kusama.
It’s also worth noting Equilibrium has turned the EQ-linked cat into a community reward. This means it is only available to participants in Kusama Parachain Lease Offerings. Here’s a full list of each currency and the predetermined value at which ‘Genshiro Cats’ will change.
Overall, the demand for collectibles shows little sign of waning at all despite ongoing predictions of an impending crash. Recent high-profile drops include ‘Bad Bananas’, a collection that is helping raise money to adopt apes, the zombie-themed ‘Wicked Craniums’, and headling-grabbing ‘Hot Wheels’ NFTs.