Bored Ape Yacht Club (BAYC) Flips CryptoPunks in NFT All-Time Sales Ranking

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Bored Ape Yacht Club NFT’s pop­u­lar­i­ty among celebri­ties cou­pled with increas­ing inter­est by indi­vid­ual col­lec­tors has seen it sur­pass Cryp­toP­unks in all-time sales. 

Bored Ape Yacht Club has seen its sales out­per­form com­peti­tor projects such as Mutant Ape Yacht Club (MAYC), Art Blocks, Oth­erdeed, NBA Top Shot, Azu­ki, CloneX, VeeFriends, and Moon­birds. More impor­tant­ly, BAYC’s $2.4 bil­lion in sales vol­ume has exceed­ed one of the most suc­cess­ful dig­i­tal col­lectibles projects, Cryp­toP­unks

Launched in April 2021, Bored Ape Yacht Club is com­prised of 10,000 unique NFT dig­i­tal col­lectible ape avatars. Like most NFTs, the project strug­gled in its first month gen­er­at­ing just $37,557 in sales. There were 141 unique buy­ers and 176 total trans­ac­tions. The aver­age sale val­ue was $213.39 — far below the cost of 1 ETH.

May 2021 was one of the best months in the trad­ing his­to­ry of Ether, the nov­el asset behind the Ethereum ecosys­tem. The use of ETH as the base cur­ren­cy for NFT trans­ac­tions saw the coin reach a then all-time high of $4,362 dur­ing the month, Coin­Mar­ket­Cap data showed.

Bored Ape NFT sales ben­e­fit­ted mas­sive­ly from the huge liq­uid­i­ty that was poured into the mar­ket and vol­ume reached approx­i­mate­ly $17 mil­lion, a 45,463.5% increase in 31 days. Unique buy­ers and total trans­ac­tions soared by 2,417.73% and 5,158.52% respec­tive­ly from April.

BAYC sales reached a new mile­stone in August 2021 when the mar­ket was recov­er­ing from a bear­ish trend that start­ed with the delist­ing of Bit­coin (BTC) as a pay­ment method for Tes­la prod­ucts and was then fol­lowed by Chi­na’s con­tin­u­ous crack­down on the cryp­to finance indus­try in May.

With­in the peri­od, BAYC gen­er­at­ed approx­i­mate­ly $299 mil­lion. Despite a reduced 1,880 unique buy­ers and 3,506 total trans­ac­tions, the aver­age sale val­ue ascend­ed to $85,288. This was a 551% rise in the aver­age sale price from July’s $13,091.

Oth­er months which also made sig­nif­i­cant con­tri­bu­tions to BAYC’s all-time sales includ­ed Sep­tem­ber and Novem­ber of 2021. 

Bored Ape Yacht Club continues to see respectable monthly sales in 2022 

In 2022, Bored Apes played a major role in the launch of the project’s native asset, APE as well as a Meta­verse called the Otherside.

After Bit­coin (BTC), Ether (ETH), and sev­er­al alt­coins reached new all-time highs in Novem­ber of 2021, bears took over the market. 

The result was a drop in glob­al NFT sales from $2.82 bil­lion in Novem­ber to $2.74 bil­lion in Decem­ber. This absolute­ly affect­ed BAYC with sales reach­ing a two-month low to close 2021. 

The entire NFT mar­ket reached a year­ly high of $4.6 bil­lion in sales with more than one mil­lion unique buy­ers and over 800,000 trans­ac­tions in Jan­u­ary 2022. 

Out of this, 7% ($346 mil­lion) came from Bored Ape NFTs.

Since the end of Jan­u­ary, there has been a decline in NFT sales, and BAYC has not been spared. 

There has been a con­sis­tent dip in month­ly sales, lead­ing to vol­umes of less than $60 mil­lion in July. Sales for August were around $52.7 mil­lion, as of Aug. 28. With the sub­stan­tial fall in the num­ber of unique buy­ers and trans­ac­tions, sales for August will like­ly not be cross­ing the $60 mil­lion mark. 

CryptoPunks falls behind Bored Ape in all-time NFT sales 

For a long time, Cryp­toP­unks trailed only Axie Infin­i­ty in sales rank­ings. Bored Ape Yacht Club has now usurped the sec­ond-place rank after hit­ting $2.4 bil­lion in all-time sales, slight­ly ahead of Cryp­toP­unks’ sales of $2.36 billion. 

Cre­at­ed by Lar­va Labs and released in June 2017, Cryp­toP­unks con­sists of a fixed set of 10,000 char­ac­ters and is one of the old­est NFT col­lec­tions in the space.

As a pio­neer NFT, Cryp­toP­unks did not see a min­i­mum of $1 mil­lion in month­ly sales until Sep­tem­ber 2020 when $2.96 mil­lion was gen­er­at­ed in sales.

With an insignif­i­cant num­ber of unique buy­ers and total trans­ac­tions in the first 39 months of its exis­tence, the dig­i­tal col­lectibles project final­ly saw 292 unique buy­ers, cor­re­spond­ing to 2,079 total trans­ac­tions. The aver­age sale val­ue crossed $1,000 for the first time in Sep­tem­ber 2020 and even­tu­al­ly set­tled at $1,424.

Sales of Cryp­toP­unks took off strong­ly in 2021 with a min­i­mum vol­ume of $6 mil­lion and a max­i­mum which rep­re­sents its all-time month­ly high of approx­i­mate­ly $679 mil­lion. There was a 316% increase in unique buy­ers, a 21% rise in total trans­ac­tions, and an 18,741% spike in aver­age sale val­ue from Sep­tem­ber 2020. 

Oth­er months which made sub­stan­tial con­tri­bu­tions to sales in 2021 were July, Sep­tem­ber, Octo­ber, and December. 

After mir­ror­ing the grow­ing sales of NFTs in Jan­u­ary, Cryp­toP­unks saw a year­ly peak of $124 million. 

Since Jan­u­ary 2022, month­ly sales have remained below $100 mil­lion. In the last four months (May to August), Cryp­toP­unks have seen less than $50 mil­lion in vol­ume

Much of the decline could be attrib­uted to a sig­nif­i­cant reduc­tion in the num­ber of unique buy­ers which has led to a fur­ther decrease in total trans­ac­tions and aver­age sale value. 

While month­ly unique buy­ers have remained under 300, total trans­ac­tions have not sur­passed 600 since Decem­ber of 2021. 

The acqui­si­tion of the project by Yuga Labs in March was sup­posed to impact the col­lec­tion pos­i­tive­ly since “acqui­si­tion” is a pri­ma­ry dri­ver of sales. Unfor­tu­nate­ly, it has done lit­tle to help the for­tunes of the NFT. 

Aside from that, mar­ket sat­u­ra­tion (an increase in the num­ber of NFT projects in the indus­try) can also explain the steep decline in the month­ly sales of Cryp­toP­unks

While Bored Ape NFTs have thrived this year due to their pop­u­lar­i­ty and use by celebri­ties over Cryp­toP­unks, its sale got a boost from BAYC being a major eli­gi­bil­i­ty require­ment for the air­drops of ApeCoin as well as land deeds (Oth­erdeeds) from the Oth­er­side Meta­verse by cre­ator Yuga Labs. 

Over­all, these con­tributed mas­sive­ly to the above-aver­age month­ly sales of BAYC dur­ing the mar­ket crash of May which deep­ened in June and extend­ed to July and August. 

Disclaimer

All the infor­ma­tion con­tained on our web­site is pub­lished in good faith and for gen­er­al infor­ma­tion pur­pos­es only. Any action the read­er takes upon the infor­ma­tion found on our web­site is strict­ly at their own risk.

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