What these BAYC sales tell us about the state of the NFT space
- The NFT space has been badly affected by the downturn and bearish trend in the crypto market
- However, the dominance and recent record sales of BAYC NFTs established that NFTs are far from finished
The demise of high-profile endeavors such as Terra and FTX has not helped the situation. According to some, even more damage appears to have been done to the Non-Fungible Token (NFT) space, with some commentators even declaring the end of NFTs.
On the contrary, a recent one Bored Ape Yacht Club (BAYC) NFT sales seemed to suggest otherwise.
NFTs dead? These statistics are starting to vary
NFT #232 by Bored Ape Yacht Club was sold on the secondary market on November 23rd for 800 ETH, or approximately $927,000. Known pseudonymous collector Keung obtained the tokenized profile picture (PFP) from Deepak Thapliydal, CEO of Web3 cloud software firm Chain. In accordance Rarity tool, this monkey with golden fur is the 324th rarest out of a pool of 10,000 NFTs. Less than 0.5% of dull apes are estimated to have golden fur.
While overall NFT sales have fallen, recent strong sales like this have cast doubt on whether or not NFTs are truly dead. In the NFT market, Ethereum NFTsespecially the BAYC collection, has shown signs of dominance and kept the market active.
DappRadar data revealed that over $2.5 million in sales were attributed to BAYC NFTs in the last 24 hours. BAYC #1268, which sold for over $938K on November 24th, surpassing BAYC #232’s sales. BAYC and CryptoPunk Fundraising dominated the ranks, generating over half a million USD in total peak sales values over a 30-day period.
Step away from the Top Sales measure and take a look at the Top Collection metric in the same way revealed BAYC’s dominance. The volume of trades in the BAYC collection increased by more than 45% in the last 30 days. More than $36 million worth of trades were made during this time. There were 473 traders, and there were 392 sales, up 77 and 79 per cent respectively.
Among the many collections maintained by Yuga Labs is the BAYC archive. The lab also has additional collections, such as the CryptoPunk collection, which ranks among the highest in terms of sales and volume. In fact, it seemed clear that NFT sales are declining, according to NonFungible’s chart.
The aforementioned chart also showed that there was a drop in the value of sales, not a decline in NFT sales, which was another thing that could be inferred.
The fall is a result of the general crypto market’s loss of value, which has affected popular cryptocurrencies such as ETH and BTC across the board.