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Dying? What these bored monkey sales say about the state of the NFT market

Bored Apes

Sales of the popular NFT Bored Apes – those non-interchangeable species considered nearly extinct by some people in the market – are reviving weak spirits and giving hope to those about to give up on these silly-looking apes.

The cryptocurrency market has been hit hard across the board. However, the NFT sector has been particularly hard hit. NonFungible claims that recent events have completely paralyzed the NFT market.

This is no joke, so let us give you a brief overview of BAYC: it is thanks to Bored Apes and the collections associated with it that the NFT scene is still going strong.

While NFT interest and transaction volume is low at the moment, a surge is expected in the near future.

According to their findings, trading activity in NFTs fell by 77%, resulting in a decline in both retail sales and after-tax profits. The current state of the NFT market crystallizes in the recent sale.

Bored Ape #232. Image: NFT Plazas

Recently, an anonymous buyer named Keungz paid $928,860 for Bored Ape #232 (see above).

Do these high sales mean that the NFT market is on the rise, or are these the industry’s last attempts to survive?

Top charts: Bored Apes and CryptoPunk

DAppRadar reports that the CryptoPunk and Bored Ape collections have been the most popular in the NFT market recently.

Keungz’s purchase of the monkey is included in the NFT market’s record sales. NFT was bought by Keungz from Deepak.eth, CEO of Chain.

Rarity Tools places the Keungz monkey at number 324 in the Bored Monkeys collection. The most noticeable distinguishing feature is the golden fur.

Moreover, Rarity Tools data shows that only 46 monkeys, or 0.46% of the collection, have this characteristic.

CryptoPunk NFT. Image: Zipmex

However, current sales records may not indicate that the NFT business is recovering. On November 17, DAppRadar released a report analyzing the damage done to the already depleted NFT space.

According to the survey, total trading fell by a staggering 68.6% and sales fell by 24.5%.

Bored Monkeys: Cling and Stay Relevant

While the market may seem dead to many, BAYC and its sister collections are supporting the market, and with new collections released every day, the NFT crypto scene is far from dead and has the potential to recover, according to NonFungible.

BAYC and its child collections support the NFT side of the cryptocurrency. Even if every part of the NFT market is at an all-time low, the Bored Apes Yacht Club, its sister collections, and the DeFi gaming industry are making NFT more attractive to investors.

According to a study by DAppRadar, the FTX disaster has had little effect on the DeFi gaming sector. This may portend positive developments for the NFT scene in the near future.

Cryptocurrency Total Market Cap on Daily Chart is $784 Billion | Featured image from Coin Edition, chart: TradingView.com

Written by khirou

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