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Ethereum NFTs Exposed: Is the BAYC Hype Train Derailing?

2min Read

BAYC’s performance is not one that a blue-chip project should produce.

BAYC sales nosedive, sends Ethereum NFTs to the bench

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  • BAYC’s unimpressive performance dragged it down to the 13th position in terms of NFT sales.
  • Sales of collections built on Ethereum also dropped.

Bored Ape Yacht Club [BAYC] was one of the worst-performing collections in the NFT market after sales decreased by 54.86% in the last 24 hours.

According to AMBCrypto’s analysis of CryptoSlam, two Bitcoin [BTC] Ordinals’ collections had more sales than BAYC.

As a result, the Yuga Labs-developed project was number 13 on the market standings. At press time, BAYC’s volume was $582,977. Uncategorized Ordinals was number one with sales worth over $9 million.

Solana [SOL]-based Mad Lads also topped Bored Ape as its sales increased by 33.01%.

BAYC decrease in sales volume

Source: CryptoSlam

However, BAYC was the not only popular NFT built on the Ethereum [ETH] blockchain with unimpressive numbers.

Pudgy Penguins’ sales also plunged by double-digits. However, the likes of Crypto Punks and Pandora did not follow the same trend.

Again, Ethereum has Solana on its heels

The decline in these transactions was a testament to the dwindling interest in the Ethereum ecosystem. Following the decline, Ethereum NFTs overall sales dropped to 12.97 million.

Bitcoin was top in this regard, as sales on the blockchain jumped by an amazing 73.21%, and almost hit double of Ethereum sales.

Meanwhile, it did not seem Ethereum was safe as its position seemed like it was up for grabs.

Who else has the effrontery to challenge the blockchain’s place if not Solana?

On the 18th of March, AMBCrypto reported how Solana has been outperforming the second most valuable blockchain on different fronts.

Is the BAYC hype finally gone?

If care is not taken, the lackluster performance of BAYC might affect Ethereum.

Furthermore, declining interest in BAYC, if not attended to, might make Solana the second most preferred blockchain for NFT trading.

During the 2021 bull cycle, Ethereum NFTs, led by BAYC enjoyed a lot of hype. This led the broader NFT market to record billions of dollars in trading volume.

However, despite reviving crypto prices, the NFT community has struggled to revisit such numbers. Should this remain the same, it might be challenging to see a return of the fanfare experienced three years ago.

Furthermore, AMBCrypto checked BAYC’s floor price. According to data from CoinGecko, the floor price of the collection was 13.56 ETH, equivalent to $45,565.

Data from CoinGecko showing the declining value of BAYC

Source: CoinGecko

The all-time floor price was 153.7 ETH, indicating that the press time value was 11x lower than its peak. As it stands, the collection might not be able to revisit the all-time high anytime soon.


Realistic or not, here’s ETH market cap in SOL’s terms


However, if the king of hype the NFT market had in 2021 returns, BAYC might have a shot at it. But one cannot deny that other narratives in the market had flushed out the NFT razzmatazz.

Going forward, the condition might remain the same.

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Victor Olanrewaju is a full-time journalist at AMBCrypto. Settled in Lagos, his fascination with blockchain technology and the cryptocurrency market arose out of his love of freedom and everything free. As a Nigerian, Victor understands the impact unfounded financial restrictions have on a population. He sees Bitcoin and cryptos as a way to circumvent these obstacles, as a tool for value creation despite all the setbacks. A graduate in Physics, Victor previously worked as a Senior Marketer at Melange Technologies. Before that, he dealt with crypto-marketers on a regular basis in his capacity as Copywriter at Ventrix Media. At AMBCrypto, Victor’s focus is on assessing the real effectiveness of both on-chain and off-chain developments on a project and its community sentiment.
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