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What these BAYC sales tell us about the state of the NFT space

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  • The NFT space has been hit hard by the crypto market decline and bearish trend
  • However, the dominance and recent record sales of BAYC NFTs have shown that NFTs are far from finished

The closure of high profile efforts like Terra and FTX has not helped the situation. According to some, the non-fungible token (NFT) space has suffered even more, with some commentators even declaring the end of NFTs.

In contrast, the recent sale of the Bored Ape Yacht Club (BAYC) NFT suggests otherwise.

NT dead? These stats beg to differ

NFT #232 from Bored Ape Yacht Club sold on the secondary market on November 23 for 800 ETH, or approximately $927,000. well-known pseudonymous collector Kyung Received Token Profile Photo (PFP) from Deepak Thapliyadal, CEO of Web3 cloud software company Chain. According to Rarity Tools, this golden-furred monkey is the 324th rarest out of a pool of 10,000 NFTs. It is estimated that less than 0.5% of bored monkeys have golden fur.

While overall NFT sales have fallen, recent strong sales like this have cast doubt on whether NFTs are really dead. In the NFT market, Ethereum NFTs, especially the BAYC collection, are showing signs of dominance and keeping the market active.

DappRadar data shows that more than $2.5 million in sales have been credited to BAYC NFTs in the past 24 hours. BAYC #1268, which sold for more than $938,000 on November 24, outperformed BAYC #232 sales. The BAYC and Cryptopunk collections dominated the ranks, generating over half a million USD in total top sales stats over the 30 day period.

Also read  Flasko (FLSK), 1inch (1INCH) and Ripple (XRP) have gained experience in the market. NewsBTC

Source: DapRadar

Moving away from the key sales metrics and looking at the top collections metrics also reveals BAYC’s dominance. Trading volume in BAYC collections is up over 45% in the last 30 days. During this time, more than $36 million worth of transactions were made. There were 473 traders and 392 sales, 77 and 79 percent respectively.

The BAYC collection is one of many collections managed by Era Labs. The Lab also includes additional collections, such as the Cryptopunk collection, which ranks highest in terms of sales and volume. In fact, it seemed clear that NFT sales were down according to Nonfungible’s charts.

Source: Irreplaceable

The chart above also showed that the decline was in the value of sales, not the decline in NFT sales, which was something else that could have been predicted.

The drop is the result of a fall in the value of the general crypto market, something that has affected popular cryptocurrencies like ETH and BTC across the board.

Source: news.google.com

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