Bored Ape Yacht Club collapsed 60% last month


While Bored Ape Yacht Club seems to have been unfazed for several months in the face of the crypto crash, the month of May tells a different storyline.

Bored Ape Yacht Club, a blue-chip NFT, appeared to have fallen in value, as evidenced in May when the average selling price of NFTs fell. May was a challenging month for both NFTs and cryptocurrencies. BAYC managed to end it with a sour trading price of $152,658.

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BAYC average sales, value 60% lower

While BAYC sales are comparably higher than other NFTs such as Otherdeed, Art Blocks, NBA Top Shot and even Mutant Ape Yacht Club, BAYC values ​​are down 60% since May 1. with an average trading price of $382,894.

A surge in unique buyers rose from 475 to 591 in April, but average sales have plummeted since then.

Meanwhile, the APE token has lost 66% of its value from a May trading price of $20.02 to close at $6.76.

Source: Bored Ape Yacht Club pricing table by Nomics

Why Own a Bored Ape Yacht Club?

BAYC is an NFT collection owned by many celebrities and influencers such as Stephen Curry, Eminem, Justin Bieber and Shaquille O’Neal. It is an overnight sensation that has also led to high prices for the collection. Owning a BAYC is a status symbol that you belong to the elite circle.

To be relevant, owning the most popular and royal NFT is a must. It gives the owner that cool status, but the real value of BAYC is exclusive membership access. It is a digital club that offers members only access and privileges such as:

Access to the bathroom
Discord access
NFTs added
Access to ApeCoin

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Total Market Cap of Crypto at $1.26 Trillion on the Weekend Chart | Source: TradingView.com

It is BAYC that is unlocking the potential of NFTs to enter the mainstream and be part of the elite and more gigantic circle.

Bored Ape and other leading NFTs have been depressed for the past month, falling more than 50%. BAYC has been robust and untouchable for several months despite the crypto market retreat, but values ​​are now sliding.

One of the obvious reasons for the drop is that Ethereum has also fallen 33% in the month following the Luna and UST crashes. OpenSea’s trading volume has also suffered, falling 40% in the past month.

The decline in BAYC value is also largely attributed to the massive crypto crash that resulted in the decline of investor interest in all things NFT.

Featured Image of CoinLive, Chart of TradingView.com

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