The sale of the popular Bored Apes NFTs – this irreplaceable species considered nearly extinct by some in the market – is reviving weak souls and giving hope to those on the verge of giving up on these goofy looking apes.
The cryptocurrency market has been hit hard on all fronts. However, the NFT sector was particularly hard hit. Non-fungible claims that recent events have completely paralyzed the NFT market.
This is no joke, so let’s give you a quick overview of BAYC: It’s thanks to Bored Apps and its collections that the NFT scene is still going strong.
Although interest in NFTs and trading volumes 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 decline in both retail sales volume and after-tax revenues. The current state of the NFT market is solid in recent sales.
Bore app #232. Image: NFT Plaza
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 growing, or are these the industry’s last ditch attempts to survive?
At the top of the charts: boring apps and cryptopunk
DAppRadar reports that the Cryptopunk and Bored App collections are the most popular in the NFT market lately.
Keungz’s purchase of a monkey contributes to the record sales of the NFT market. The NFT was purchased by Keyungz from Deepak.eth, the chain’s CEO.
Rarity Tools lists Keungz’s Ape as #324 in its Bored Apps collection. The most striking of the distinguishing features is the golden coat.
In addition, data from Rarity Tools indicates that only 46 monkeys, or 0.46% of the collection, possess this trait.
Cryptopunk NFT. Image: Gipmex
However, current sales records may not indicate that the NFT business is on a recovery. On November 17, DAppRadar released a report analyzing the damage to the already-defunct NFT space.
According to the survey, total trading volume fell 68.6%, while sales fell 24.5%.
Bored apps: cling and stay relevant
While the market may seem dead to many, BAYC and its siblings are keeping the collectibles market alive, and with new collectibles added every day, the NFT crypto scene is far from dead and could potentially recover. According to NonFungible, yes.
BAYC and its partner collections keep the NFT side of cryptocurrency alive. While every segment of the NFT market is at an all-time low, Bored Apps Yacht Club, its sister collection, 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 could portend a positive development for the NFT scene in the near future.
Crypto total market cap $784 billion on daily chart | Coin edition, featured image from the chart: TradingView.com