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Free-to-Mint NFT Hits The Saudis Became Second Most Traded Collection on OpenSea Over the Last Week

A new free NFT project called The Saudis has become the second most traded collection on the OpenSea major marketplace over the past seven days.

At the time of writing, this collection has reached a trading volume of over 7,000 ETH ($7.4 million) in the past week, second only to the popular NFT collection CryptoPunks which has reached 9,574 ETH ($10 million). ), according to OpenSea ratings.

On Sunday, the collection even quickly became the #1 project by volume over the past 24 hours, attracting over 4,000 ETH in trading volume.

Saudis are a collection of 5,555 NFTs programatically generated from more than 80 possible traits, according to its website. In terms of artwork, the collection seems to be inspired by CryptoPunks. The collection launches on July 9 and sells out in a matter of hours.

The floor price of the project (the cheapest item in the NFT collection) is currently set at 0.67 ETH (over 700 USD) after peaking around 1.3 ETH (about 1,650 USD) on Saturday.

Similar to other free hits, the momentum of the project is driven by the army of voices of social media users, many of whom are creating Saudi Arabia-inspired meme videos to spread the word. project hype.

Notably, the project’s hype has cooled down in recent days. The collection has a trading volume of 474 ETH in the last 24 hours, down about 65%.

Meanwhile, the rise of The Saudis has not been without controversy.

Over the weekend, the project announced that it would block its 217 NFTs, owned by OpenSea users Rightblock, from being sold on OpenSea and other NFT marketplaces. The team accused users of being “hackers”.

The Saudis are the latest popular NFT collection to launch just a month after another free project Goblin Town made waves in the NFT market with its performance. In a month, Goblin Town sales fell 60%, floor prices slid by nearly 4%, while the number of owners increased 30%, according to data from Cryptoslam.