Bored Ape Yacht Club saw a steep decline in sales volume due to the effects of the bearish trends of the market, which grew roots in May and deepened in June.
Bored Ape Yacht Club is one of the most successful non-fungible token (NFT) projects of all time, with a total sales volume in the region of $2.3 billion. According to Be[In]Crypto Research, BAYC had a sales volume of around $82.21 million in June.
Although this figure seems impressive due to the sales volume of CryptoPunks, Axie Infinity, Mutant Ape Yacht Club (MAYC), NBA Top Shots, Moonbirds, and Meebits, it was a 63% drop from May’s volume. In May, BAYC sales were about $223.73 million.
New to Bored Ape Yacht Club?
Launched on April 23 2021, Bored Ape Yacht Club is a collection of 10,000 unique Bored Ape NFTs housed in the ecosystem of Ethereum.
The digital collectibles were created by Yuga Labs, the same company behind the Mutant Ape Yacht Club (MAYC) and ApeCoin (APE).
In March, Yuga Labs acquired the intellectual property rights of some of the most successful NFT projects, CryptoPunks and Meebits.
Why the decline in sales?
Looking at the drop in the number of unique buyers from June 2021, the decrease in sales volume led to the NFTs’ falling transaction counts, with 424 unique buyers, and 748 transactions.
In comparison to Jan 2022 when BAYC reached an all-time high (ATH) in monthly sales, unique buyers stood at 937, corresponding to 1,456 transactions. By the end of the first month of the year, BAYC sales were roughly $346.73 million.
By recording less than $100 million for the first time since July 2021 ($38.53 million), BAYC reached a new high low in 2022 which was a $264.52 million plunge in sales from Jan.
The average sale value for June was in the region of $109,905.94. This was also a 53% decline in the average sale value for Jan, which was around $238,139.52.
APE price reaction
APE opened on June 1, with a trading price of $6.76, reached a monthly high of $7, tested a monthly low of $3.09, and closed the month at $4.62. Overall, this equates to a 31% decrease in the opening and closing price of APE in June.
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.