The Emblem Vault project is gaining massive popularity due to its potential to move NFTs from blockchains like Bitcoin to NFT marketplaces on Ethereum.
Emblem Vault exceeds a sales volume of 6.390 ETH, worth more than $21 million, at the time of this edition. In just one week, this project of non-fungible tokens (NFT) has gained huge popularity in the industry, increasing by 225% in sales volume. Its growth is mainly driven by its potential to move NFTs developed in other block chains to the blockchain of Ethereum.
Emblem Vault developers explain that the project is a tokenized multi-asset wallet, functioning as a sort of bridge and “NFT vault” with the ability to wrap NFTs developed on blockchain networks such as Bitcoin and Polygon and bring them to Ethereum, to NFT markets such as Opensea. In fact, in this NFT market, which is the most important in the industry currently, Emblem Vault ranks sixth among non-fungible token projects with the highest sales volumes.
Source: opensea.
The data CryptoSlam data indicates that Emblem Vault is in third place by sales volume. According to this data provider, in the last 24 hours the NFT project has moved a total of $5 million in 629 transactions from 290 merchants, which places it above projects such as Cool Cats, CryptoPunks, Bored Apes y NBA Top Shot. The industry's dominant NFT projects continue to be Axie Infinity, with a daily volume exceeding 14 million dollars and Anonymize, with a daily volume of over $5,4 million.
By Friday, Emblem Vault managed to surpass all NFT projects in terms of sales volume, reaching First place in Opensea for a short period of time. However, at the time of this writing, Emblem Vault sales volume has decreased by 43%.
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Pepe the Frog resurfaces in Emblem Vault
Pepe the Frog, known as the Rare Pepe and one of the first crypto-collectible projects built on Bitcoin, has turned out to be one of the biggest beneficiaries of Emblem Vault. In the last week, the rare pepe depicting Dorian Satoshi Nakamoto in a green-colored cartoon sold for a total of 155 ETH, worth over $542.000 at the time of sale. This rare pepe is one of the rarest NFTs in this collection of non-fungible tokens.
Other NFTs from the collection have sold in the last few hours for several thousand dollars, such as the rare pepe PEPALISA, traded yesterday for 20 ether, about $67.000 at the time of sale.
El average price The Emblem Vault token reached 3,4 ethers over the weekend. However, it now sits at around 1,3 ethers – around $4.300 per token.
What is Emblem Vault?
Emblem Vault, released in October Emblem Vault, a 2020 NFT project based on Ethereum that allows the creation of vaults in which one or more NFT tokens in Ethereum’s ERC-721 standard can be stored or held via its native COVAL token. This, in turn, allows NFTs from this project to be traded on marketplaces such as Opensea and for traders and owners to exchange pre-ERC-721 NFT tokens. Simply put, NFTs created on Bitcoin, such as Rare Pepes, or other blockchains can be wrapped in Emblem Vault and sold on Ethereum.
In her web page, the developers also explain that Emblem Vault has other interesting uses for investors, such as liquidity pools in DeFi, creating tradable wallets and funds, and more. In tradable wallets, users can combine different digital assets such as BTC, ETH, ADA, and more into a single token, using different proportions of each.
By August, 2.400 Emblem Vault vaults had already been created on different blockchain networks, its developers reported.
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