In the last 24 hours, no NFT project has done better than PhantaBear. This new NFT collection only launched on January 1st, and now thanks to some unique endorsements, it is topping the OpenSea Charts.
In fact, as it stands, the price of a PhantaBear NFT now stands at over ten times the mint price of .26 ETH. Could we be witnessing the rise of a new CryptoPunks rival?
PhantaBear continues to dominate the OpenSea charts with over 17,684 ETH trading volume in the last 7 days.
Major Asian celebrities are endorsing the project. These include Taiwanese pop star Jay Chou, Canadian born Hong Kong actor Edison Chen and Singaporean singer-songwriter JJ Lin.
Jay Chou is one of the best selling artists in East Asia. The famous artist, known as the ‘King of Mandopop’, has sold over 30 million records. Edison Chen is a famous actor, musician and entrepreneur. JJ Lin is an award-winning musician adored by millions of fans. In recent days, all three have been promoting PhantaBear NFTs to their Instagram followers, a combined 15 million people.
What is the PhantaBear NFT collection?
Jay Chou’s PHANTACi and Ezek own the PhantaBear project. PhantaBear is a collection of 10 thousand NFTs living on the Ethereum blockchain. The NFTs resemble cute bears with a multitude of varying traits and rarity levels.
Each NFT is an algorithmically generated digital collectible that doubles as membership cards for the Ezek Club. The website states that “The 10,000 unique Phanta Bears feature the iconic fashion of PHANTACi and offer rich online and offline perks that allow their owners to enjoy the life both in and out of the metaverse.”
On January 9th, it reached a new all-time high of 7.39 ETH($23,000). This is a remarkable rise considering that the day before, on January 6th, the average price was still below 1 ETH.
Meanwhile, the rise in volume is almost certainly directly attributed to the related Instagram posts, as many are keen to emulate their idols and support their interests.
PhantaBear is already seeing some remarkable sales. PhantaBear #9999 sold for a breaktaking 148 ETH.
Furthermore, PhantaBear has already seen some remarkable sales. PhantaBear NFT #9999 sold for a whopping 148 ETH (around $490,000). Not a bad profit for the person who owned it previously who brought it for 20 ETH. Many people are already viewing this as a potential CryptoPunks replacement, and with sales of 148 ETH at such an early phase, it might be worth a gamble.
There is no doubt that the floor will continue to rise as the project trends globally in the coming weeks.
NFT craze is building
In recent months, many East Asian celebrities have begun to enter the NFT market, hoping to capitalise on the digital gold rush. In addition to the PhantaBear NFT collection, Edison Chen endorsed another NFT called The Heart Project. Consequently, this has also exploded on OpenSea, the popular NFT marketplace, rising in 20,000 per cent volume over the last few days.
Finally, are we about to witness the second NFT boom? The data seems to suggest it is. On January 9th, OpeanSea trading volume broke all previous records. According to blockchain data experts, Dune Analytics, the trading volume exceeded $261 million on this day.
Meanwhile, OpenSea posted a blog detailing a sustained surge in their traffic that overloaded the OpenSea systems and caused outages. Perhaps this could be down to the number of people searching for PhantaBear NFTs.
