Bored Ape Yacht Club Plunges By 60% Last Month
June 04 2022 - 2:54AM
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While Bored Ape Yacht Club appears to be unfazed for several months
now in the face of the crypto crash, the month of May tells a
different storyline. Bored Ape Yacht Club, a blue-chip NFT,
appeared to have dipped in value, as evidenced in May when NFTs
dropped in average sales price. May has been a challenging month
for NFTs and crypto alike. BAYC has managed to end it with a sour
trading price of $152,658. Suggested Reading | Cardano TVL Sheds
$205 Million Since Hitting All-Time High BAYC Average Sales, Value
Down 60% Although BAYC sales are comparably higher than other NFTs
like Otherdeed, Art Blocks, NBA Top Shot, and even Mutant Ape Yacht
Club, BAYC values have crashed by 60% since May 1 with an
average trading price of $382,894. A hike in unique buyers
increased from 475 to 591 in April, but the average sales have shed
tremendously since. Meanwhile, the APE token has lost 66% of its
value from a May opening trading price of $20.02 to close at $6.76.
Source: Bored Ape Yacht Club Price Chart by Nomics Why Own A Bored
Ape Yacht Club BAYC is an NFT collection owned by many celebrities
and influencers like Stephen Curry, Eminem, Justin Bieber, and
Shaquille O’Neal. It’s an overnight sensation that has also
triggered high prices for the collection. Owning a BAYC is a status
symbol that you belong to the elite circle. To be relevant, it’s a
must to own the most popular and royal NFT. It gives the owner that
cool status, but the actual value of BAYC is exclusive membership
access. It’s a digital club that provides member-only access and
privileges such as the following: Bathroom Access Discord Access
Added NFTs Access to ApeCoin Suggested Reading | XRP Whales Boost
Accumulation Appetite, Register 2-Month Peak Holding Supply Crypto
total market cap at $1.26 trillion on the weekend chart | Source:
TradingView.com It’s BAYC that unlocks the potential of NFTs to
enter the mainstream and be a part of the elite and more giant
circle. Bored Ape and other blue-chip and premiere NFTs have been
in a depressive state and down by more than 50% last month. BAYC
has been robust and unassailable for several months despite the
crypto market retreat, but the values are sliding now. One of the
apparent reasons for the decline is that Ethereum has also been
down by 33% for the month following the Luna and UST stablecoin
crashes. OpenSea trading volume has also suffered and has plunged
by 40% for the past month. The decline in the BAYC value is also
largely attributed to the massive crypto crash that resulted in the
waning of investor interest in all things NFT. Featured image from
CoinLive, chart from TradingView.com
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