What these BAYC sales tell us about the status of the NFT space

What these BAYC sales tell us about the NFT space's status

  • The NFT space has been hit hard by the fall and bearish trend in the crypto market.
  • However, BAYC’s NFT dominance and recent record sales have shown that NFTs are far from over.

The demise of high-profile undertakings such as Terra as well as FTX did not save the situation. According to some, even more damage has been done to the non-fungible token (NFT) space, with some commentators even announcing the end of the NFT.

On the contrary, recent Bored Ape Yacht Club (BAYC) The NFT sale seemed to suggest otherwise.

NFTs are dead? These statistics differ

NFTs #232 Bored Ape Yacht Club was sold on the secondary market on November 23 for 800 ETH, or approximately $927,000. Noted pseudonym collector Keung received a tokenized profile photo (PFP) from Deepak Tapliydala, CEO of Web3 cloud software company Chain. According to Rarity Tools, this golden-furred monkey ranks as the 324th rarest of the 10,000 NFT pool. It is estimated that less than 0.5% of bored monkeys have golden fur.

While overall NFT sales are falling, recent high sales like these are casting doubt on whether NFTs are truly dead. In the NFT market Ethereum NFTsespecially the BAYC collection, shows signs of dominance and keeps the market active.

Dapp Radar Data disclosed that in the last 24 hours, BAYC NFT sales totaled over $2.5 million. BIKE №1268which sold on November 24 for more than $938k, outsold BAYC #232. Cryptopunk The collection dominated the rankings, bringing in over half a million US dollars in total Top Sales over a 30-day period.

Source: DappRadar

Step away from the Top Sales metric and look at the Top Collection metric in the same way. disclosed Bayc dominance. The volume of BAYC collection has increased by more than 45% in the last 30 days. During this time, transactions worth more than $36 million have been completed. There were 473 traders and 392 sales, up 77 and 79 percent, respectively.

Among the many collections maintained by Yuga Labs is the BAYC archive. The lab also features complementary collections such as the CryptoPunk collection, which ranks high in sales and volume. In fact, according to the NonFungible chart, NFT sales are declining.

Source: NonFungible

The above chart also showed that there was a drop in the value of sales rather than a drop in NFT sales, which was another conclusion that could be inferred.

The fall is the result of a general loss in the value of the crypto market, which affected such popular cryptocurrencies as Ethereum as well as BTC cross the border.

Written by khirou

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