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This is how Bored Apes Yacht Club [BAYC] is back from the burrows

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Source: Pixabay

The Bored Ape Yacht Club (BAYC) collection is back to the top of the NFT sales volume charts. After spending some days outside the top spot, HODLers were beginning to worry. Despite the rush surrounding Sorare, Moonbirds, and NBA Top Shot, the Ape collection has reclaimed the throne.

Close your eyes and I never left!

The BAYC collection is back at the top of the pile once again. It currently leads the daily, weekly, AND monthly charts for sales volume according to Crypto Slam. The Yuga Labs NFT collection has been facing bearish headwinds since a while. The ongoing Yuga Labs lawsuit against critic Ryder Ripps has proved to be a major setback that got carried into July as well. Fair to say, the Apes have performed very well despite the legal battle.

At press time, BAYC witnessed a 94.41% uptick in sales volume. This has shot up the sales volume to $1,676,600 in the past 24 hours. Despite the uptick, the sales are still down over the week. From the 119 transactions this week, $9.7 million was generated in a near 10% downturn.

Source: CryptoSlam

A major reason for the drop in sales can be attributed to increasing losses in trading. As per data from Crypto Slam, has tipped to $1,029,419 after a 23.20% loss after the week.

Source: CryptoSlam

While sales continue to tread low, there has been an increase in BAYC holders. Over the past week, 114 new owners emerged to push the total to 6,591. This is a positive sign for the community since growing number of owners represent a growing demand.

Source: CryptoSlam

Hang on…. There’s more

Blockchain accelerator Mouse Belt Labs has launched an online marketplace called Boredjobs where BAYC owners can rent their holdings.

“The Bored Ape Yacht Club gave their owners an amazing opportunity to utilise the IP rights of the NFTs they purchased. What they did not give them is an instruction manual on how to put it to work. We are creating that instruction manual,” says the Boredjobs website.

This can be considered as a notable network development for BAYC owners especially in the ongoing economic landscape. Such marketplaces can help trigger growth in economic value of the BAYC holdings. With recession rumours gaining strength recently, NFT markets are likely to bear the initial blow. However, this initiative could provide some respite for HODLers in time of crisis.

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Kanav is a journalist at AMBCrypto. He has a Masters in Media and International Conflict and is interested in areas of digital society, crypto developments in the political sphere and the socio-cultural impact of a crypto-society.

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