Emblem Vault is a multi-asset tokenized wallet. It combines multiple cryptocurrency portfolios into a single NFT token. The RarePepe series is one of several early NFTs that have resurfaced in Emblem Vaults.
According to NFT data aggregator CryptoSlam, NFT project Emblem Vault has exploded in the last month to become the second-largest NFT project by sales volume.
Emblem Vault NFTs generated over $5 million in sales in the last 24 hours, with 607 transactions from 300 buyers.
Emblem Vault is still $9.5 million short of the most popular NFT project right now, the Pokémon-inspired blockchain game Axie Infinity, but it is more than $4 million ahead of popular NFT projects like NBA Top Shot and Bored Ape Yacht Club in terms of sales volume.
What is an Emblem Vault NFT, and how does it work?
In September 2020, Emblem Finance launched the project on Bitcoin and Ethereum.
Each Emblem Vault is an Ethereum-based non-fungible token (NFT) that serves as a multi-asset wallet. They allow you to trade NFT and fungible cryptocurrency portfolios as a single token, including those from different chains.
A series of blockchain addresses are generated from a single seed phrase in every Emblem Vault NFT. At any time, you can store various digital assets in each of the addresses, and only those with private keys can send tokens to other wallets.
Emblem lets collectors trade NFTs that predate the ERC-721 NFT standard because tokens are wrapped as modern ERC-721 NFTs, the same type of tokens that trade on popular NFT marketplaces like OpenSea.
Pepe the Frog is one of the resurrected classic NFTs in Emblem Vaults. A vintage RarePepe NFT depicting Bitcoin creator Satoshi Nakomoto as a cartoon ‘Pepe’ sold for 147 ETH, or around $500,000 at the time, earlier this month.
EthPepe, a pepe depicting Ethereum co-founder Vitalik Buterin, sold for 100 WETH (approximately $330,000 at the time of sale).
Emblem Vaults’ sales volume has dropped from $6 million to $2 million in the last 24 hours, mirroring the rapid increase on Thursday, when sales volumes increased to $6 million from $1.7 million.
However, Emblem Vaults’ position as the second largest NFT project on the market has not been harmed by the sudden drop in activity.