NFT: The number of BAYC buyers falls 90% from the all-time high

The profitability of NFTs has dropped dramatically in recent months. In August, the Bored Ape Yacht Club saw a 90% drop in the number of buyers from its peak in May 2021.

Hard times for BAYC

Bored Ape Yacht Club (BAYC) has dethroned CryptoPunks as the second best-selling NFT collection in total. Launched in April 2021, BAYC rose to the top 3 in less than two years. The achievement of this milestone is largely due to the growing number of buyers convinced by this Yuga Labs.

However, the current market sentiment is negatively impacting NFT sales and acquisitions around the world, and even one of the most popular NFT collections of the moment is not spared.

In August, BAYC registered only 263 buyers, thus reaching not only the lowest level of the year 2022, but also for the entire last 16 months.

The low number of buyers has a negative impact on turnover

The demand for some NFT collections results from the amount of buyers. After 141 buyers bought NFTs from BAYC last April, the project reached a total number of 3,550 buyers with an increase of 2,418% in May. As a result, BAYC’s reputation as a new gold mine of the NFT industry has been strengthened.

At the same time, various cryptocurrencies such as Ethereum and Internet Computer have reached new heights.

This price increase appears to have favored the development of the NFT project. In the launch month, BAYC recorded a relatively low sales volume of 37,557 USDwhich has increased to approx 17 million dollars in May 2022.

Although the number of buyers correlates with sales, the relationship between demand and average selling price appears to have changed. The number of buyers never exceeded the all-time high of May 2021, while the sales volume showed higher values ​​in a few months.

A good example is January 2022, when Bored Apes had 937 buyers and 1,456 transactions.

The average sales value for this period was $ 238,140. This is a 12.780% increase from last May’s $ 1,850.

In August, sales again correlated with the number of buyers.

Over the past three months, weak demand has led to a drop in sales volume. The number of buyers dropped from 611 to 424 between May 2022 and June 2022. This resulted in a 63% drop in revenue, from $ 223 million to $ 82 million.

The continued decline in the number of shoppers, which dropped to 290 in July and 263 in August, caused sales to drop below $ 60 million in the past two months. As of August 2022, the sales volume was approximately $ 58 million.

The price of the EPA falls with the number of buyers of NFT projects

ApeCoin (APE), BAYC’s native token, has also continued to decline since its initial peak in March 2022. In August, APE was trading between $ 4.61 and $ 7.68.

In total, the EPA lost 29% of its market value during this period.

BAYC remains in the top 5 NFTs with the highest weekly turnover.

Bored Ape Yacht Club was among the highest-grossing NFT projects in the past seven days, with approx 11 million dollars. Only Loot, a collection of 8,000 NFTs presented as images with white text on a black background, achieved higher sales. Also in the ranking Ethereum Name Service, Otherside and CloneX.

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