In recent weeks, the Renga NFT collection has dominated the Twitter NFT community. Now, in order to obtain some of these creative NFTs, someone has made a significant bet on the project’s success. In actuality, the buyer of the aforementioned 165 Renga NFTs borrowed 600 ETH, which was secured by seven BAYC NFTs.
Renga Mania is Here!
The popularity of the PFP characters in the anime style has skyrocketed since the mint in late August, and prices have followed suit. Renga experienced a bigger market volume over the past 30 days than any other NFT collection aside from CryptoPunks (who had a sale that broke records). An NFT now has a floor price of more than 3 ETH.
Due to the rise in popularity, there has been some amazing Renga FOMO. The most recent instance is the 165 Renga NFTs that were bought with a debt of 600 ETH. One of the first people to notice the transaction was the Twitter user @degenharambe.
“Lmao, someone took out a loan on seven gorillas for 600 Eth and swept the f•• out of renga today,” they tweeted. They claimed the purchaser funded the transaction using a loan on the Arcade.xyz platform.
What’s Next for Renga NFTs?
Well, the individual who just borrowed 600 ETH to purchase 165 Rengas will undoubtedly be expecting for a rise in price. Significantly, it currently costs roughly 430 ETH, indicating they may still use their loan to purchase additional NFTs. However, there is a substantial risk associated with this transaction. To enable the purchase, the user is pledging their BAYC NFTs as collateral.
Holders of Renga NFT will be hoping that FOMO persists and the company can keep delivering on this intriguing concept. Even last week, the team organised a tremendously successful community gathering for Renga owners. For other trending NFT news, read more on our website.