Bored Ape Yacht Club (BAYC) surpassed CryptoPunks as the second highest volume NFT collection of all time. BAYC achieved this feat less than two years after entering the digital collectibles market in April 2021. Much of this milestone has come from a growing number of unique buyers who believe in the project of Yuga Labs (the creators of NFT).
Unfortunately, the negative market sentiment affecting global NFT market sales and unique buyers damaged the fortunes of one of today’s most popular collectibles.
Unique buyers continue to negatively impact sales
Unique buyers play an integral role in assessing demand for a particular NFT collection. After 141 buyers purchased BAYC NFTs in April last year, the new golden goose status in the digital art space rose 2,418 percent in unique buyers to 3,550 in May 2021.
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During this time, several cryptocurrencies such as Ethereum (ETH) and Internet Computer (ICP) have reached new heights.The result of the spike was an increase from the relatively smaller $37,557 volume from launch to approximately $17 million.A great example can be attributed to January 2022, when Bored Apes had 937 unique buyers with 1,456 transactions.The average sales value for the period was $238,140. This was an increase of 12,780 from the $1,850 recorded in May of last year.
Bored Ape Yacht Club sales retest correlation with unique buyers in August
The decrease in individual buyers in the last three months resulted in a decrease in sales volume. When we observed the number of new buyers, we saw that it dropped from 611 in May 2022 to 424 in June. This resulted in a 63% drop in sales from $223 million to $82 million.
Decreasing unique buyers and sales reflected in the price of APE
ApeCoin (APE), the native blockchain asset of the Bored Ape project, continued to decline from its inaugural month high in March 2022. APE traded in the $4.61-7.68 range throughout August.
BAYC still in top 5 weekly sales
Bored Ape Yacht Club followed Loot, a collection of 8,000 NFTs expressed as white text images on a black background, in the best-selling NFT category in the past seven days. Ethereum Name Service, Otherside, and CloneX also filled the queues.