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Bored Ape Yacht Club (BAYC) NFT sells for over $1 Million – is the NFT frenzy back?

TL;DR

  • Bored Ape Yacht Club (BAYC) NFT collection experiences a significant transaction as Bored Ape #1734 sells for over $1.2 million.
  • The sale boosts the BAYC collection and the broader NFT market, which has been facing a downturn.
  • However, concerns arise about the legitimacy of the transaction, while data shows mixed performance in terms of floor price increase but declines in volume and sales for the BAYC collection.

The Bored Ape Yacht Club (BAYC) collection witnessed a momentous transaction recently. According to recent reports, bored Ape #1734, one of the NFTs from the collection, fetched an astounding price of 600 ETH, equivalent to over $1.2 million, on July 13.

This remarkable sale has injected newfound optimism into the BAYC collection and the broader non-fungible token (NFT) market, which had previously been grappling with a downward trend. However, despite the excitement surrounding this milestone, some voices have expressed concerns about the legitimacy of the transaction, labeling it as a possible “wash trade.”

Analyzing the stats: Floor price rises, but volume and sales decline

A few weeks ago, some of the most popular NFT projects saw a decrease in value, leading to a decline in the NFT market. For example, the Bored Ape Yacht Club (BAYC) experienced a significant drop in value, with the minimum price reaching a low not seen in 20 months. The minimum value of the BAYC NFT dropped to 30 ETH, currently valued at $58,000. Unfortunately, this decline also affected Apecoin (APE).

Nonetheless, the recent momentous transaction seems to defy expectations. Analyzing the analytics of the Bored Ape Yacht Club collection on OpenSea, the floor price has shown an upward trajectory, experiencing an impressive 8% increase over the past week. The average floor price now hovers around 35 ETH, a significant improvement from approximately 32 ETH just a week ago.

However, the collection faces challenges in terms of volume and sales, as both indicators have seen substantial declines. Volume has plummeted by a staggering 91%, while sales have witnessed a significant downturn of 92%.

These figures indicate a notable decrease in overall activity within the BAYC collection. While the surge in floor price is undoubtedly encouraging, the significant drops in volume and sales suggest a more subdued market for BAYC NFTs in recent times.

BAYC collection dominates daily rankings

According to data from DappRadar, the Bored Ape Yacht Club collection has emerged as a leading force among NFT collections, as evidenced by various daily metrics. The average price has surged by an impressive 80%, signaling a notable increase in overall value.

Furthermore, the collection’s market capitalization has experienced a rise of nearly 5%, indicating growing investor interest. Transaction volume has also seen a substantial boost, with an impressive growth rate of over 82%.

DappRadar further highlights that the recent sale of Bored Ape #1734 stands as the highest recorded sale in the past 30 days across all NFT collections, adding to the significance of this milestone.

The outcome of this significant transaction has generated anticipation within the community, as many wonder if it will ignite a positive trend for the BAYC collection and the wider NFT space. Only time will tell if this sale marks the beginning of a sustained recovery for BAYC NFTs or if further challenges lie ahead. The coming weeks will provide valuable insights into the direction of the market and the future of NFTs.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

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