Key Takeaways:
- Sales volumes of Yuga Labs NFT collections, led by Bored Ape Yacht Club (BAYC), are dropping.
- Analytics website NonFungible reported a 92% drop in sales of NFTs since September 2021.
YEREVAN (CoinChapter.com) – As the nonfungible token (NFT) sales continue to crash, blue chip projects have taken a hit. Well-known collections from Yuga Labs, including the Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and Bored Ape Kennel Club (BAKC), have lost massive transaction volumes. Even the recently-released virtual land deeds, dubbed Otherdeed, tanked in the NFT bear market. Earlier this month, Yuga Labs had raised $310 million in virtual lands sales of Otherdeed NFTs.
While BAYC shed over 30%, MAYC and Otherdeed saw prices sink 41% and 44% respectively. As a result, the floor price of Bored Ape Yacht Club (BAYC) fell below 90 ETH, according to the nonfungible token tracking website NFTGo.
Crypto reporter Collin Wu also shared the data on his Twitter handle.
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Weekly NFT sales of Bored Ape Yacht Club paint a scary picture
The weekly sales volumes of Yuga Labs-released NFT collections paint an even more worrying picture. The Bored Ape Yacht Club (BAYC) has shed over 49% of its trading volume, according to Crypto Slam.
Otherdeed, the iconic virtual land NFTs from its upcoming Metaverse project Otherside, is down nearly 50% from a week ago. Meanwhile, the Mutant Ape Yacht Club (MAYC) has lost 52% of its trade volumes. However, the lesser-known Bored Ape Kennel Club (BAKC) is the biggest loser in the collection. As Crypto Slam data indicates, the collection’s weekly losses amount to a whopping 75%. The floor price of BAKC also dropped by nearly 30% to 6.49 ETH.
Earlier this month, analytics website NonFungible reported a 92% drop in sales of NFTs since September 2021. Agencies widely reported the news as the “collapse” of the NFT market. However, some people do not agree with the argument.
According to Patrick Hillmann, Chief Communications Officer of Binance, calling this drop the end of the industry is an exaggeration. Fox Business journalist Eleanor Terrett shared insights from her latest interview with Hillmann.
“NFTs are not on the decline. We’re seeing a healthy marketplace correction that will help further the industry as a whole,”
Hillmann said.
According to NFT writer and BAYC collector Aaron Haber, people are joining BAYC and MAYC ecosystem despite the latest market dip. As data from OpenSea indicates, the markets have already started recovering. Sales volumes of Yuga Labs NFT projects, including Bored Ape Yacht Club, are also slowly reclaiming lost steam. Just like the entire crypto market, the NFT industry is only facing bear pressure. Don’t write it off yet.
