Fans rush to own a piece of rock legend’s digital legacy amid NFT market revival hopes

Ozzy Osbourne’s passing at 76 has reignited interest in his CryptoBatz NFT collection, with floor prices and trading volumes witnessing a dramatic surge. While the latest figures fall short of the 2022 peak, the renewed activity is being seen by many as a potential sign of recovery for the long-dormant NFT market.

CryptoBatz Floor Price Spikes 400 Percent

Following the announcement of Osbourne’s death on Tuesday, his NFT collection CryptoBatz saw an immediate jump in demand. The floor price climbed over 400 percent within hours, rising from below 0.02 Ether (ETH) to a peak of 0.08 ETH, according to OpenSea data. At that time, this translated to a value of approximately $295, based on CoinGecko’s 8 pm UTC market price.

CryptoBatz was launched in December 2021 and features 9,666 unique digital bats. The collection marked Osbourne’s entry into the world of NFTs and was widely seen as a bold and fitting project from the Prince of Darkness.

Trading Volume Skyrockets by 100,000 Percent
Beyond price increases, the trading volume of CryptoBatz NFTs exploded. DappRadar reported a staggering 100,000 percent rise in 24-hour volume, reaching $281,200. This trading surge represented nearly 80 percent of the collection’s total market capitalisation, estimated at $355,000.

A total of 402 sellers and 327 buyers were involved in transactions over the 24-hour period. With a supply of just 9,666 NFTs, the figures reflect significant fan-driven activity in the wake of Osbourne’s passing.

Still Below 2022 Launch Highs
Despite the recent surge, CryptoBatz values remain far below their 2022 launch peak. At that time, the moving average price exceeded 5 ETH, making it one of the most talked-about celebrity NFT projects.

As of now, the most expensive CryptoBat listed on the market is a rare Megadragon bat, priced at an astonishing 99 ETH. Meanwhile, the cheapest available token, CryptoBat #5892, is priced at around 0.4 ETH.

Potential Revival for NFT Market
Analysts and NFT enthusiasts see the renewed interest in CryptoBatz as a potential sign of a broader market rebound. The NFT space has endured a prolonged downturn since its boom in 2021 and early 2022. Osbourne’s digital legacy may now serve as an unexpected catalyst for renewed trading activity and enthusiasm in the sector.

Spotify Under Fire for Alleged AI Exploitation of Deceased Artists
In related news, Spotify has come under criticism following an investigation by 404 Media. The report alleges that the streaming giant has been publishing AI-generated music under the names of deceased artists without consent from their estates or families. The revelation has sparked ethical concerns about posthumous digital creations, coinciding with Osbourne’s passing and the surge in activity around his NFTs.