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Ethereum NFT sales dip 63%; How is the Bored Ape Yacht Club faring?

 

Sales of Ethereum NFTs have dropped by 63%; how is the Bored Ape Yacht Club doing?




On Thursday, the cryptocurrency market experienced one of its most severe drops. On Friday, though, it took a complete 180-degree turn, with most major currencies seeing double-digit increases in the near term.



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Nonetheless, the general bearishness was not totally eradicated. Most cryptocurrency suffered significant losses in the weekly timeframe. As a result, the status of the NFT market remained relatively unchanged.


At press time, the weekly NFT sale numbers on leading blockchains were still dripping with blood. Over the last week, Ethereum saw $625 million in sales. The figure was around 63 percent greater seven days ago.


Sales on Solana, on the other hand, surpassed $63 million but were down 34 percent from the previous week. Only seven-digit sale statistics were recorded on other blockchains including Polygon, Flow, and Avalanche, after weekly drops in the 23 percent to 58 percent range.



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Source: CryptoSlam



What has been the performance of specific collections like BAYC and MAYC?


Bored Ape Yacht Club NFT sales raised 52 million Ethereum in the same seven-day period. Mutant Ape Yacht Club, on the other hand, only managed to sell 42 million Ethereum. They were also down 68 percent on a weekly basis.



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Source: CryptoSlam


The declining sales figures were mirrored by falling floor prices. The floor price of Bored Ape Yacht Club was 100 Ethereum exactly a week ago. The same was shown by Dune Analytics' data. However, at the time of publication, it was trading at 91 Ethereum, down over 10%.


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Source: Dune Analytics



MAYC's figures followed the same pattern. On May 6, a buyer needed a minimum of 22.4 Ethereum to purchase one MAYC NFT. However, as of press time, the price has dropped to 19 Ethereum.



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Source: Dune Analytics



As a result, the losses suffered over the previous several days were not limited to the crypto market. Even the NFT market was hurting, with major collections like BAYC and MAYC taking a knock.


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