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

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  • The NFT space has been bad­ly affect­ed by the decline and bear­ish trend of the crypto-market
  • The dom­i­nance and recent record sales of BAYC NFTs, how­ev­er, estab­lished that NFTs are far from done

The demise of high-pro­file endeav­ours like Ter­ra and FTX has not helped the sit­u­a­tion. Accord­ing to some, even more dam­age appears to have been done to the Non-Fun­gi­ble Token (NFT) space, with some com­men­ta­tors even declar­ing the end of NFTs. 

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

NFTs dead? These stats beg to differ

NFT #232 of the Bored Ape Yacht Club was sold on the sec­ondary mar­ket on 23 Novem­ber for 800 ETH, or rough­ly $927,000. Known pseu­do­nym col­lec­tor Keung obtained the tok­enized pro­file pho­to (PFP) from Deep­ak Thap­liy­dal, CEO of Web3 cloud soft­ware firm Chain. Accord­ing to Rar­i­ty Tools, this Ape with gold fur is 324th rarest out of a pool of 10,000 NFTs. Less than 0.5% of Bored Apes are esti­mat­ed to have gold­en fur.

While over­all NFT sales have been falling, recent strong sales like these have cast doubt on whether or not NFTs are tru­ly dead. In the NFT mar­ket, Ethereum NFTs, espe­cial­ly the BAYC col­lec­tion, has been show­ing signs of dom­i­nance and keep­ing the mar­ket active.

Dap­pRadar data revealed that over $2.5 mil­lion in sales were attrib­uted to BAYC NFTs over the course of the last 24 hours. BAYC #1268, which sold for over $938 thou­sand on 24 Novem­ber, out­per­formed BAYC #232’s sales. The BAYC and Cryp­toP­unk Col­lec­tion dom­i­nat­ed the ranks, gen­er­at­ing over half a mil­lion USD in total Top Sales met­rics over a 30-day period.

Source: Dap­pRadar

Mov­ing away from the Top Sales mea­sure and tak­ing a look at the Top Col­lec­tion met­ric like­wise revealed BAYC’s dom­i­nance. The vol­ume of trades in the BAYC col­lec­tion surged by more than 45% over the last 30 days. More than $36 mil­lion worth of trades were made dur­ing this time. There were 473 traders, and there were 392 sales, up 77 and 79 per­cent, respectively.

Among the many col­lec­tions main­tained by Yuga Labs is the BAYC archive. The Lab also fea­tures addi­tion­al col­lec­tions, such as the Cryp­toP­unk col­lec­tion, which ranks among the high­est in terms of sales and vol­ume. In fact, it seemed clear that NFT sales are declin­ing, accord­ing to NonFungible’s chart. 

Source: Non­Fun­gi­ble

The afore­men­tioned chart also showed that there was a drop in the val­ue of sales, not a decline in NFT sales, which was anoth­er thing that could be inferred. 

The fall is a result of the gen­er­al crypto-market’s loss in val­ue, some­thing that has affect­ed pop­u­lar cryp­tocur­ren­cies like ETH and BTC across the board.

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