SINGAPORE, Sept. 17, 2021 /PRNewswire/ -- Newest addition to Zilliqa's non-fungible token (NFT) ecosystem, "The Bear Market", recently broke sales records for the public blockchain in just under 24 hours of going live. The NFT collection — cheekily coined "The Bear Market" — boasted over $1 million in sales, the highest of any NFT collection on the blockchain platform thus far.
The Bear Market is a collection of 10,000 programmatically-generated digital art pieces of bears that can be minted by users on the Zilliqa blockchain. Also known as generative NFTs, the collection was launched as a commemorative piece by Switcheo Labs in partnership with Zilliqa to celebrate the upcoming launch of the Zilswap NFT marketplace. The sale began on 15 September 2021 at 8AM UTC and is set to run for 48 hours. Within a day, more than half the available pieces were snatched up by the Zilliqa community.
Amrit Kummer, President at Zilliqa, said: "The recent NFT boom has made waves not just within the crypto realm, but is instead quickly becoming mainstream. This phenomenon is also gaining traction on Zilliqa, as its highly scalable nature allows for much lower network fees compared to incumbents like Ethereum. The strong showing from NFT launches such as The Bear Market has been supported by a wider audience that have been previously priced out."
Ivan Poon, co-founder of Switcheo Labs, said: "The support we've received from the Zilliqa community has been overwhelming. We could not have asked for a warmer reception, and we are committed to supporting Zilliqa users with critical infrastructure through upcoming projects such as the Zilswap NFT marketplace, cross-blockchain bridge and more".
One of the pertinent pillars of success for NFT collections is having an active community to support the project, and The Bear Market looks to be headed in the right direction. According to LunarCRUSH, a cryptocurrency social listening platform, Zilliqa topped the charts and took the spot for being the Coin of the Day on 15 September, the same day The Bear Market was launched. Zilliqa saw a 47.4% increase in social engagements with over 11 million engagements on social media, and a 68.2% increase in social mentions.
The Bear Market sale is still ongoing at https://thebear.market and can be purchased for 2,000 ZILs.
About The Bear Market NFT Collection
The Bear Market is a collection of 10,000 digital art pieces minted as NFTs on the Zilliqa blockchain. Each NFT in the collection has unique traits that are programmatically generated in a fair and random manner to form a final digital image. This collection was created by Switcheo Labs to commemorate the partnership with Zilliqa, as well as the upcoming launch of ZilSwap's NFT marketplace.
About Zilliqa & ZilSwap
Zilliqa is a high-performance scalable public blockchain platform based in Singapore. ZilSwap is a fully on-chain decentralized application running on Zilliqa. ZilSwap acts as a core tenet of infrastructure on Zilliqa, allowing its users to perform critical actions such as the swapping of tokens and provision of liquidity.
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SOURCE Switcheo Labs