See More

Bored Ape Yacht Club (BAYC) NFT Sales Test New Higher-Low Slipping More Than $290M

2 mins
Updated by Ryan James
Join our Trading Community on Telegram

In Brief

  • Bored Ape Yacht Club has seen declining sales volume since Jan.
  • The NFT continues to struggle from the bearish market trends.
  • BAYC had a sales volume of approximately $52 million in July.
  • promo

Similar to more than 90% of NFTs, BAYC saw a significant reduction in sales volume due to negative market sentiment during the seventh month of the year. 

Bored Ape Yacht Club has climbed above CryptoPunks to become the second-largest NFT by all-time sales volume with more than $2.3 billion, as of August 10. 

Bored Apes had a total sales volume of around $52.7 million, according to Be[In]Crypto Research per data from CryptoSlam. 

Source: Bored Ape Yacht Club Sales Chart for July 2022 by CryptoSlam

While this metric may seem small due to the popularity of the BAYC project, it dwarfed sales from Otherdeeds, Mutant Ape Yacht Club (MAYC), Bored Ape Kennel Club (BAKC), CryptoPunks, Axie Infinity, and NBA Top Shots among others.

However, July’s sales were a 36% dip from June’s volume of $82 million.

Source: Bored Ape Yacht Club Sales Chart for June 2022 by CryptoSlam

Why the fall in BAYC sales? 

When you scrutinize the dip in the number of unique buyers from July, the fall in sales caused the drop in transaction counts, with 290 unique buyers, and 515 transactions.

In comparison to June, there was a 31% decrease in unique buyers (424) and transactions (748). 

In contrast to the metrics in January when Bored apes reached a peak in sales, unique buyers stood at 937 which corresponded to 1,456 transactions. In Jan, sales volume was about $346 million. 

Source: Bored Ape Yacht Club Sales Chart for Jan. 2022 by CryptoSlam

After generating less than $60 million, Bored Apes reached a yearly low where it shed $294 million of Jan’s sales. 

Aside from unique buyers and transaction counts, average sale value also plummeted. There was a 57% decline in average sale value from $238,139 in January to $102.334 in July.

APE price reaction 

APE opened on July 1, with a trading price of $4.63, reached a monthly high of $7.26, tested a monthly low of $4.20, and closed at $6.72. 

Overall, despite a plunge in sales volume, there was a 45% increase between the opening and closing price of APE in July. 

Source: APE/USD Chart by TradingView

What do you think about this subject? Write to us and tell us!

Top crypto platforms in the US | March 2024
Coinbase Coinbase Explore →
AlgosOne AlgosOne Explore →
Chain GPT Chain GPT Explore →
iTrustCapital iTrustCapital Explore →

Trusted

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

raphael_minter-e1644218633733.png
Raphael Minter
As a writer, researcher, and analyst of centralized and decentralized financial instruments (stocks, commodities, metals, and cryptocurrencies), he started experimenting with financial asset trading in 2011. He ventured into full-time long term investing of cryptocurrencies in 2016.
READ FULL BIO
Sponsored
Sponsored