Thursday, May 19, 2022

Bored Ape Yacht Club’s All-Time Sales Exceed $2 Billion

The Takeaway:

It's been a great year for the Bored Ape Yacht Club NFT. Even the gloomy trend in the crypto market hasn't stopped Bored Ape Yacht Club.

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Recovering from a February 2022 low, BAYC has shown signs of stabilization. Bored Ape Yacht Club’s revenues totaled $2 billion during the first week of May 2022.

Unlike the non-fungible token (NFT) market, where prices stagnate, Bored Ape Yacht Club has achieved this essential milestone thanks to its increasing monthly sales volumes in March and April. When it comes to digital collectibles, Bored Ape Yacht Club has become a household brand name now!

As of May 4, 2022, Bored Ape Yacht Club had a total sales volume of roughly $2.04 billion. After Yuga Labs’ successful launch of the Otherside metaverse, this comes as a big boost for the project.

In terms of sales, Bored Ape Yacht Club trails Axie Infinity (AXS) and CryptoPunks. BAYC still has a lead over other notable projects such as Art Blocks, NBA Top Shot, The Sandbox, Aft Blocks, CloneX, Azuki, and VeerFriends. 

NFT collection ranking by sales volume

What Pushed Sales of Bored Ape Yacht Club to an All-time High?

The eligibility of holders of BAYC to have potential ownerships of free airdropped ‘ApeCoin’ (APE) and plots of land in the ‘Otherside’ metaverse can be attributed as the key driver for the growing BAYC sales volume.

The ApeCoin Foundation had announced an airdrop of 150 million APE when ApeCoin was introduced in March 2022. Owners of Bored Ape NFTs were able to collect up to 10,094 APE. On June 15, 2022, the airdrop will come to an end.

In February, BAYC’s total number of unique buyers dropped by 59% to 381 from 933 in January before increasing in March. BAYC’s unique purchasers totaled 669 in March 2022, resulting in 1,011 total sales, a 75% increase in just 31 days. In terms of value, the cumulative sales in March 2022 were around $256.95 million, a 106% increase over the $124.42 million in sales recorded in February of that year.

Bored Ape Yacht Club
BAYC’s sales volume in March, Source:

In April, Yuga Labs, the developers of BAYC, revealed that the Otherside metaverse would be launched on April 30. The BAYC community received 200,000 new plots of land thanks to Otherside.

Those that contribute to the development of the metaverse will receive half of the land (100,000).

On April 30, the remaining 50% of the plots went on sale for $55,000, with the remaining $45,000 being airdropped gratis to members of the Bored Ape Yacht Club and the Mutant Ape Yacht Club.

This had a beneficial effect on BAYC’s average retail price. The average sale value of BAYC hit an all-time high of $308,497.23 by the end of April 2022, which is around 101 ETH. In the month of April, BAYC sold $236.31 million worth of goods.

Bored Ape Yatch Club
BAYC’s sales volume in April, Source:

The Latest Price of APE

APE Closed the month of April 2022 at $20.01 after opening the month at $12.70 and reaching a monthly high of $26.91 on April 28. Overall, prices rose by 57% between the start and end of the month.

APE Price

Here is the List of Other Five Best-selling NFT Collections Over the Past Week (From Lowest to Highest):

5. Doodles

    • Total sales – $40,185,011
    • Percent change – 165.96%
    • No. of Buyers – 523

4. Okay Bears

    • Total sales – $$42,980,171
    • Percent change – 109.04%
    • No. of Buyers – 2,426

3. Mutant Ape Yacht Club

    • Total sales – $138,990,888
    • Percent change – 69.06%
    • No. of Buyers – 1,204

2. Bored Ape Yacht Club

    • Total sales – $164,453,834
    • Percent change – 153.69%
    • No. of Buyers – 344

1. Otherdeed

    • Total sales – $755,078,226
    • Percent change – New launch
    • No. of Buyers – 15,835
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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Rucha Joshi
Rucha Joshi
Rucha Joshi is a team lead at ChainTimes who is fueled by her passion for creative writing. She is eager to turn information into action. With her hunger for knowledge, she considers herself a forever student and a passionate leader.

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