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BAYC rises from the ashes as it defies expectations by hitting this record

2min Read

Amidst concerns of NFTs’ demise, the BAYC collection astounds with a record-breaking sale and a surge in daily rankings, signaling a potential revival for the market.

BAYC NFT defy expectations as it witnesses record

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  • Bored Ape #1734 sold recently for 600 ETH.
  • The BAYC collection saw an over 8% increase in floor price as it topped daily rankings.

Just weeks ago, the BAYC collection experienced a significant drop in its floor prices, reaching an all-time low. This decline caused many onlookers to proclaim the demise of NFTs.

However, in a remarkable turn of events, a recent transaction involving one of the NFTs from the collection managed to fetch a staggering sum of over $1 million. Are NFTs rising from the ashes?

BAYC NFT commands record sale

Recent reports have brought attention to a remarkable event within the BAYC collection. One particular NFT, Bored Ape #1734, achieved an extraordinary sale, commanding a price of 600 ETH, equivalent to roughly $1.2 million, on 13 July.

This notable transaction provided a much-needed boost to the collection and the broader NFT market, which had been grappling with a bearish trend. Nevertheless, amidst the excitement, some reservations emerged, with certain commentators raising concerns about the sale’s legitimacy and labeling it a “wash trade.”

How the stats stack up

Analyzing the analytics of the BAYC collection on OpenSea revealed a mixed bag of positive and negative statistics. Among the notable positives was the upward trajectory of the floor price. It had witnessed an impressive 8% increase over the past seven days. The average floor price was nearly 35 ETH, a significant improvement from approximately 32 ETH just a week ago.

However, the collection faced challenges in terms of volume and sales, as both indicators have experienced a substantial decline. Volume plummeted by a staggering 91%, while sales have seen a significant downturn of 92%.

These figures highlighted a notable decrease in activity within the collection. While the floor price surge is undoubtedly encouraging, the significant drops in volume and sales suggest a more subdued market for the BAYC collection in recent times.

BAYC collection tops daily rankings

According to data provided by DappRadar, the BAYC collection emerged as a frontrunner among NFT collections based on various daily metrics. As of this writing, the average price has surged by an impressive 80%, signifying a notable increase in value.

Additionally, the market cap experienced a rise of nearly 5%, reflecting growing investor interest. The volume of transactions also saw a substantial boost, with an impressive growth rate of over 82%.

BAYC daily ranking

Source: DappRadar

Moreover, DappRadar highlighted that the recent sale of Bored Ape #1734 is the highest recorded sale in the past 30 days across all NFT collections.

This significant transaction generated considerable anticipation about whether it will ignite a positive trend for the BAYC collection and the wider NFT space. The upcoming weeks will likely provide further clarity on this matter.

 

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Adewale is a full-time journalist at AMBCrypto. While he is increasingly fascinating by the world of blockchain and cryptocurrencies, Adewale holds a degree in International Relations. Besides working on insightful articles that touch upon the crypto-space's hottest issues, he finds joy in supporting Manchester United and Afrobeat music.
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