Apes Gone Wild! BAYC ‘Selling Like Crazy’ Amid Otherwise Sluggish NFT Market
Yuga Lab’s Apes non-fungible token (NFT) series, such as Bored Ape Yacht Club (BAYC), has recently defied the market’s sluggishness with high sales performance.
According to NFT data aggregator CryptoSlam, BAYC, along with Mutant Ape Yacht Club, Bored Ape Kennel Club, and Bored Ape Chemistry Club, witnessed over US$100 million in daily sales volume last Thursday. Meanwhile, ApeCoin, the freshly released Apes governance token, has seen a robust price recovery after a brief drop following its mid-week introduction.
Good sales from top NFT series often transfer into stronger sales for the broader industry, but that is not the case right now, and that could be an indication of a maturing market.
“Traditionally CryptoPunks were what we looked at to sense a bull run coming” said Yehuda Petscher, strategist at NFT data aggregator CryptoSlam, telling CoinCu that typically as April’s tax season approaches in the U.S., investors who made some money from NFTs throughout the year would begin to re-invest in smaller collections.
“This time it’s Apes that are selling like crazy … but the other projects are not really getting a boost from it,” he continued.
Sales volume for March on leading NFT marketplace OpenSea is down almost 60% from what it was at the same point through February, with its major competitor LooksRare faring no better, according to Dune Analytics.
Petscher attributes this slowing down of sales to the market becoming too oversaturated, with much of the attention becoming consolidated into successful series like BAYC.
This status is achieved, he says, through Yuga Lab’s management of the collection as the space has evolved, supporting the community through channels like Discord and helping to build the brand.
“People just want to be part of it; it’s a flex, it’s like a Rolex,” he said. “You hear the Apes [investors] always talk about their community and that’s key, that is their selling point. The team has executed [it] so perfectly and they’ve delivered everything that an NFT investor would want.”
Yuga Labs is continuing to build upon the Apes brand as well
With the announcement of a new metaverse project “Otherside” to be powered by ApeCoin. A trailer released on Monday teased the inclusion of many NFT series that fall under the Yuga Labs umbrella — including CryptoPunks and Meebits, which were recently purchased from creators Larva Labs.
Otherside is expected to launch in April.
“We are seeing a shift happening in the NFT space that, through primary market forces or a general cooling on hysteria, will be a net positive for the space in the long term,” said Jordan Birnholtz, co-founder of NFT vending machine firm Neon.
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