BAYC Flips CryptoPunks In NFT All-Time Sales Ranking
Bored Ape Yacht Club (BAYC) NFT’s celebrity notoriety, along with growing interest from individual collectors, has seen it surpass CryptoPunks in all-time sales.
Bored Ape Yacht Club has outperformed competitors like Mutant Ape Yacht Club (MAYC), Art Blocks, Otherdeed, NBA Top Shot, Azuki… More importantly, BAYC’s $2.4 billion in sales volume has surpassed CryptoPunks, one of the most successful digital collectibles initiatives.
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.
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.
BAYC generated around $299 million during that time. Despite the fact that there were 1,880 fewer unique purchasers and 3,506 total transactions, the average sale price increased to $85,288. The average sale price increased by 551% from $13,091 in July.
For a long time, CryptoPunks was second only to Axie Infinity in terms of sales. After reaching $2.4 billion in total purchases, Bored Ape Yacht Club has surpassed CryptoPunks’ revenues of $2.36 billion to take the second position.
The project’s acquisition by Yuga Labs in March was anticipated to benefit the collection because “acquisition” is a main driver of sales. Unfortunately, it has done little to improve the NFT’s prospects.
Aside from that, market saturation (an increase in the number of NFT initiatives in the sector) can explain the dramatic drop in CryptoPunks’ monthly revenue.
While Bored Ape NFTs have prospered this year because of their popularity and use by celebrities over CryptoPunks, its sale was boosted by BAYC being a primary eligibility criterion for the airdrops of ApeCoin as well as land deeds (Otherdeeds) from inventor Yuga Labs’ Otherside Metaverse.
Overall, these contributed significantly to BAYC’s above-average monthly sales during the May market meltdown, which intensified in June and persisted into July and August.
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