Aug 30, 2022 03:30AM ET
By:AnalysisWatch
The historical sales volume of the popular Bored Ape Yacht Club NFT collection has already surpassed CryptoPunks, making it the second largest NFT collection in the world.
Launched in April 2021 by Yuga Labs, Bored Ape Yacht Club (BAYC) has grown to become one of the most sought-after NFT collections. The collections of 10,000 ape avatars have enjoyed significant celebrity and individual sponsorship and now have a total sales volume of over $2.4 billion.
CryptoSlam's All-Time NFT Project Rankings It's interesting that BAYC didn't launch with a bang. The project struggled in its first month, generating less than $40,000 in sales. At the time, the average sales value was $213.39, and there were only 176 transactions from 141 unique buyers.
May 2021 was a turning point for BAYC. With the NFT market heating up, the native Ethereum coin reached an all-time high at that time of $4,362. Some of this huge liquidity poured into Bored Ape's NFTs.
In 31 days, its sales volume soared to approximately $17 million, representing a 45,463.5% increase in one month. The number of unique buyers and total transactions also received a boost, soaring 2,417.73% and 5,158.52%, respectively, since April.
By August 2021, BAYC sales had reached a new milestone despite bearish sentiments surrounding Tesla's move to withdraw Bitcoin as a payment option for its products and China's increasing crackdown on cryptocurrency mining activities two months earlier. The collection raised approximately $299 million during the period, although its total transactions and unique buyers declined. Meanwhile, its average sale value grew to $85,288, up 551% from $13,091 in July.
Much of this decline could be attributed to the current state of the cryptocurrency market, which has led to a significant reduction in the number of unique buyers and average sales value.