New free release NFT project named The Saudis has become the second most traded collection on the big market OpenSea in the past seven days.
At the time of writing, the collection has seen over 7,000 ETH ($7.4 million USD) in trading volume in the past week, second only to the popular NFT Collection CryptoPunks which achieved ETH 9,574 ($10 million), according to ranking by OpenSea.
On Sunday, the collection even briefly became the #1 project by volume in the last 24 hours, attracting more than 4,000 ETH in trading volume.
The Saudis are a collection of 5,555 programmatically generated NFTs from over 80 possible traits, according to to your website. As for the artwork, the collection seems to be inspired by CryptoPunks. The collection was launched on July 9 and sold out within hours.
The project’s price floor (the cheapest item in the NFT collection) is currently set at 0.67 ETH (over $700 USD) after hitting a high of around 1.3 ETH (roughly $1650 USD) on Saturday.
Similar to other free-to-play hits, the project’s momentum is fueled by its vocal army of social media users, many of whom create Saudi-inspired meme videos to spread the project’s hype.
It is noticeable that the hype surrounding the project has relatively cooled down in recent days. The collection had a trading volume of 474 ETH in the last 24 hours, a drop of about 65%.
Meanwhile, the rise of the Saudis has not been without controversy.
Over the weekend, the project announced that it would block 217 of its NFTs, which were owned by OpenSea users Right block, from sales on OpenSea and other NFT markets. The team accused the user of being a “hacker”.
The Saudis is the latest hit NFT collection coming just a month after another free project Goblin Town made waves across the NFT market with its performance. In one month, sales of Goblin Town fell by 60%, the minimum price fell by almost 4%, while the number of owners increased by 30%. per data from Cryptoslam.