Bored Ape Yacht Club looks unaffected by crypto crashes for months. However, May shows a very different story.
Bored Ape Yacht Club is a blue-chip NFT. This was evident in May, when NFTs saw an average drop in sales prices. NFTs and crypto both have faced a tough month in May. BAYC ended it with a $152,658 sour trading price.
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BAYC average sales, value down 60%
BAYC has seen a 60% drop in its values since May 1, despite sales comparable to other NFTs such as Otherdeed and Art Blocks. with an average trading price of $382,894.
The number of unique buyers rose from 475 to 591 by April but average sales has fallen dramatically since then.
The APE token lost 66% from its May opening price of $20.02, to close at $6.76.
Source: Bored Ape Yacht Club price chart by Nomics
Bored Ape Yacht Club – Why Buy?
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. A BAYC can be a badge of honor that indicates you are part of an elite group.
To be relevant, it’s a must to own the most popular and royal NFT. The owner has a cool title, but BAYC’s true value is its exclusive access to the club. It’s a digital club that provides member-only access and privileges such as the following:
- Bathroom Access
- Discord Access
- NFTs added
- ApeCoin access
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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 has fallen by over 50%, as have other top-tier NFTs. BAYC, despite crypto market declines, has been resilient and invincible for several months. But now the prices are falling.
Another reason for this decline could be that Ethereum also fell by 33% in the month since the Luna/UST stablecoin crashes. The trading volume of OpenSea has dropped by 40% in the last month, as well.
A large part of the decline in BAYC’s value can also be attributed to the huge crypto crash, which resulted in a waning investor interest in NFT.
Featured Image from CoinLive. Chart from TradingView.com