The NFT space has been hit hard by the decline and bearish trend of the crypto market
However, the dominance and recent record sales of BAYC NFTs have shown that NFTs are far from finished
The demise of high-profile efforts like Terra and ftx did not help the situation. According to some, further damage appears to have been done to the Non-Fungible Token (NFT) space, with some commentators even announcing the end of NFTs.
Rather, a recent one Bored Ape Yacht Club (BAYC) NFT sales seemed to suggest otherwise.
NFT’s dead? These stats beg to differ
NFT #232 of the Bored Ape Yacht Club sold on the secondary market on November 23 for 800 ETH, or approximately $927,000. Well-known pseudonym collector Keung obtained the tokenized profile picture (PFP) of Deepak Thapliydal, CEO of Web3 cloud software company Chain. According to Rarity Tools, this golden-furred monkey is the 324th rarest out of a pool of 10,000 NFTs. It is estimated that less than 0.5% of bored monkeys have golden fur.
While overall sales of NFTs have fallen, recent strong sales such as this one have cast doubt on whether NFTs are really dead. On the NFT market Ethereum NFTsespecially the BAYC collection, shows signs of dominance and keeps the market active.
DappRadar data revealed that more than $2.5 million in sales have been attributed to BAYC NFTs over the course of the past 24 hours. BAYC #1268, which sold for more than $938,000 on November 24, outperformed BAYC #232 sales. The BAYC and cryptopunk Collection dominated the ranks, generating a total of over half a million USD in Top Sales metrics over a 30-day period.
Moving away from the Top Sales metric and also looking at the Top Collection metric revealed BAYC’s dominance. The number of transactions in the BAYC collection has increased by more than 45% in the last 30 days. During this time, more than $36 million worth of transactions were made. There were 473 merchants and there were 392 sales, 77 and 79 percent respectively.
One of the many collections that Yuga Labs maintains is the BAYC Archive. The Lab also offers additional collections, such as the CryptoPunk collection, which is among the highest in terms of sales and volume. In fact, it seemed clear that NFT sales were declining, according to NonFungible’s chart.
The chart above also showed that there was a decline in the value of sales, not a decline in NFT sales, which was also something that could be deduced.
The decline is due to the loss of value of the general crypto market, something that has impacted popular cryptocurrencies such as ETH and BTC across the board.
This post What these BAYC sales tell us about the state of the NFT space
was published first on https://ambcrypto.com/what-these-bayc-sales-tell-us-about-the-nft-spaces-status/