Dying? What these chained monkey sales say about the state of the NFT market
The sale of the popular Bored Apes NFTs – these non-fungible species that are considered almost extinct by some people in the market – revives weak spirits and gives hope to those who are about to give up on these stupid monkeys.
The cryptocurrency market has been hit hard on all fronts. However, the NFT sector was particularly hard hit. NonFungible claims that recent events have completely destroyed the NFT market.
This is no joke, so let’s give you a quick overview of BAYC: It’s thanks to Bored Apes and its related collections that the NFT scene is still on top.
Although interest in NFTs and transaction volume are currently low, an increase is expected in the near future.
According to their findings, trading activity in NFTs fell by 77%, leading to a reduction in both retail sales volume and after-tax income. The current state of the NFT market has been crystallized in a recent selloff.
Bored Ape #232. Image: NFT Plazas
Recently, an anonymous buyer named Keungz paid $928,860 for Bored Ape #232 (above).
Do these high sales indicate that the market for NFTs is on the rise, or is this the industry’s last ditch effort to survive?
Topping the charts: Bored Apes and CryptoPunk
DAppRadar reports that the CryptoPunk and Bored Ape collections have been the most popular in the NFT market recently.
The purchase of a monkey by Keungz is included in the NFT market’s record sales. NFT was purchased by Keungz of Deepak.eth, CEO of Chain.
Rarity Tools places Keungz’s monkey as #324 in the Bored Apes collection. The most noticeable of the characteristic features is the golden coat.
Also, Rarity Tools data indicates that only 46 monkeys, or 0.46% of the collection, have this trait.
CryptoPunk NFT. Image: Zipmex
However, current sales records may not indicate that the NFT business is seeing an improvement. On November 17, DAppRadar released a report analyzing the damage to the already depleted NFT space.
According to the survey, total trading volume fell by a staggering 68.6%, while sales fell by 24.5%.
Boring monkeys: clinging on and staying relevant
While the market may appear to be dead to many, BAYC and its sibling pools keep the market alive, and with new pools being released every day, the NFT crypto scene is far from dead and could potentially make a comeback, according to NonFungible.
BAYC and its sister collections keep the NFT side of cryptocurrency alive. Although all parts of the NFT market are at an all-time low, the Bored Apes Yacht Club, sibling gatherings, and the DeFi gaming industry are making NFTs more attractive to investors.
Based on the DAppRadar study, the FTX disaster has had little impact on the DeFi gaming sector. This may herald a positive development for the NFT scene in the near future.
Crypto total market cap of $784 billion on the daily chart | Featured image from Coin Edition, chart: TradingView.com