Bored Ape Yacht Club sales are in a downtrend as a result of the Bear Market trend that started in May. and intensified in June 2022.
Bored Ape Yacht Club is one of the most successful NFT projects of all time. with total sales of approximately 2.3 billion US dollars. According to research, BAYC had sales of approximately $82.21 million in June 2022.
While the figure appears to be favorable given the sales of CryptoPunks, Axie Infinity Mutant Ape Yacht Club (MAYC), NBA Top Shots Moonbirds and Meebits, the stagnation is down 63 percent considering sales in May 2022. May BAYC sales were around $23.73 million.
New to the Bored Ape Yacht Club?
Bored Ape Yacht Club first launched on April 13, 2021, is a collection of 10,000 unique Bored Ape NFTs backed up in the Ethereum ecosystem.
These online collectibles are created by Yuga Labs, the same company that created the Mutant Ape Yacht Club (MAYC) and ApeCoin (APE).
In March 2022, Yuga Labs acquired the intellectual property rights of some of the most successful NFT projects, CryptoPunks and Meebits.
Why are sales going down?
Considering the decline in the number of unique buyers since June 2021, the lower sales volume also resulted in a decrease in the number of NFT transactions, with 424 unique buyers and 748 transactions.
Compared to January 2022, when BAYC achieved record monthly sales (ATH), the number of unique buyers was 937, corresponding to 1,456 transactions. By the end of the first month of the year, BAYC’s sales were Approximately US$346.73 million
With sales records Valued at less than $100 million for the first time since July 2021 ($38.53 million), BAYC hit a new low in 2022, a decline of $264.52 million from Jan. 1. Average for June was $109,905.94, representing a 53% decrease in January average sales value to about $238,139.52
Reaction to APE prices
The APE opened on June 1, 2022, trading at $6.76, hitting a monthly high of $7 and a monthly low of $3.09 and ending that month at $4.62. This equates to a 31 percent drop in APE’s opening and ending prices for June 2022.