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BAYC Bounces Back With $10M in Sales during 1st Week of July

BAYC Bounces Back With $10M in Sales during 1st Week of July

BAYC outperformed several NFTs during the first seven days of July after seeing renewed interest in sales after a difficult period in June where the average sale value fell to new lows. 

BAYC, the Bored Ape Yacht Club was among the best-performing non-fungible tokens (NFTs) during the first week of July with approximately $10 million in sales, data from NFT aggregator CryptoSlam showed. 

This was seen as a positive by many digital arts analysts due to the project declining massively in sales during the second quarter of the year. Overall, the daily average sale value was above $50,000. While $10 million in weekly sales will be regarded by many as too small considering the nine-figure daily volumes Bored Apes were recording during the peak of the NFT market in 2021, it was 48% of the total sales from June. 

During the sixth month of the year which ended the second quarter of 2023, BAYC sales were approximately $19 million from the activities of 352 unique buyers and 498 unique sellers involved in 271 transactions at an average sale price of $72,695. 

BAYC July unique buyers on a path to surpass that of June 

BAYC remains the second-largest NFT by all-time sales volume, as of July 10, 2023. As of 13:30 UTC on the same day, the total number of unique buyers was 350, and this was two shy of the total unique buyers from a 30-day period in June. 

While unique buyers may not be considered a strong metric on which to determine the success of a particular collection, it does signal increasing interest in a project that has been labelled as Broke Ape Yacht Crash by some analysts at crypto news portals such as CoinDesk. 

According to the analysts, the BAYC floor price (the lowest value for digital arts in the collection) has declined substantially to new lows. 

With that said, the collection’s floor price improved to 36.5 ETH (around $68,000) on July 7. 

BAYC continues to extend its lead over other projects 

BAYC is not only the most successful NFT project of all time on Ethereum, but it is also the most consistent on the weekly sales rankings. 

With others such as Azuki Elemental Beans, Mutant Ape Yacht Club (MAYC), The Captainz, DeGods, Gods Unchained Cards, and Azuki Elementals also raking in millions, the activities of the collections could propel Ethereum to become the first NFT blockchain to test approximately $45 billion in all-time sales in the near future.      

CryptoSlam

BAYC continues to receive support from mainstream NFT projects 

Binance NFT announced support for staked Ape NFTs as collateral on NFT loans from June 21 to July 4. 

With this, users were able to use their staked Bored Ape NFTs in addition to their Mutant Ape NFTs in the Ape NFT Staking Program to earn daily rewards in the form of ApeCoin (APE).    

ApeCoin (APE) shed value within the same period 

BAYCs resurgence did not reflect positively on APE, the novel token of the ApeCoin ecosystem. 

The token plunged by 14% after opening and closing week with prices of $2.2256 and $1.9076 respectively, data from crypto price tracker CoinMarketCap showed. 

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Image credits: Shutterstock, CC images, Midjourney, Unsplash.

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