In the midst of the bear market where NFTs as a whole feels very dry, a new crypto on the block called Aptos has been creating an unfamiliar buzz. Aptos officially launched on October 17th 2022, and it is a proof-of-stake layer 1 blockchain created by former Meta engineers. Aptos aims to leverage its innovative smart contract code to reach a new output of over 100,000 transactions per second. The ecosystem has reportedly raised an impressive $350 million in venture capitalist funding from the likes of FTX, a16zcrypto and Jump Capital. Now, the question is, can it live up to the hype?
Even though Aptos is barely even a week old, its NFTs have already seen incredible trading volume and activity. It appears as if Aptos is competing with Solana since Magic Eden changed some of its policies. The venture capital investors who invested in Aptos, are also the ones who invested in Solana. This is why many are considering Aptos to potentially be the next Solana. Some are even speculating that Aptos is going to be the Solana killer, but there is a high chance that this is for clickbait purposes.
With intense trading activity comes fierce competition for multiple Aptos marketplaces and for the few already available collections. Amongst all of the marketplaces, it appears that Topaz is leading the charge. According to a Tweet from the team at Topaz, the marketplace reached
“over $1.1 million USD volume” after only being live for “4.5 days”. A day later, that figure had reached $1.8 million. Since then, the phrase “Aptos is the future” has been thrown around.
While strong trading volume is a good sign for a new ecosystem, everything has to be put into perspective. Although the stats given by Topaz indicates bullish metrics so far, it doesn’t tell us the whole story. At present, it’s only a few projects which are experiencing a ton of volume on certain marketplaces, and not the entire ecosystem. Most notably, Aptos Monkeys currently has a total volume of 239,649,69 Aptos traded, as it takes first place on the charts. The project trailing Aptos Monkeys is Aptomingos. Aptomingos has a total volume of 99,737.35 Aptos traded, so it’s quite far behind. The further down the charts we go, the greater the spread.
For the reasons mentioned above, it’s too soon to say whether Aptos marketplaces will be able to sustain the pace of their growth or daily trading volume. Aptos likely blew up thanks to the hype which was created by the protocol’s recent launch and airdrop. Additionally, the narrative surrounding Aptos becoming a ‘Solana Killer’ is definitely keeping its momentum high.
There is a slightly negative sentiment surrounding Aptos so far in many NFT communities, but it’s unclear why exactly. We already know that humans are naturally resistant to change, and this is certainly a huge change in the NFT space. Is this something that will become a dominant player in the space, or another one of those short-lived narratives that comes and goes very quickly? I cannot say for sure. Just like every man and his dog was calling for a “Solana Summer” a few months ago, the same people are calling for an “Aptos Autumn” now.
It’s still very early days for Aptos. Considering how poor the overall market sentiment has been in recent months, this is very exciting news. I suggest grabbing the popcorn and observing how this one plays out.