At the moment, the popular Bored Ape Yacht Club NFT collection is the second-largest NFT collection in the world. In terms of total sales volume, it is bigger than CryptoPunks.
Bored Ape Yacht Club (BAYC), introduced by Yuga Labs in April 2021, has become one of the most coveted NFT collections. Celebrities and private collectors have shown a lot of interest in the 10,000-piece collections of ape avatars, and their total sales volume now tops $2.4 billion.
Source: CryptoSlam’s All-Time NFT Projects Ranking
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Notably, BAYC did not debut with a bang. In its first month, the project generated less than $40,000 in revenue. At that time, the average sale price was $213.39, and there were 176 sales to 141 purchasers.
May 2021 was a pivotal month for BAYC. As the market for non-fungible tokens heated up, Ethereum’s native currency reached an all-time high of $4,362. A chunk of this enormous liquidity was invested in Bored Ape NFTs. Within a month, its sales volume increased by 45,463.5% to nearly $17 million, reflecting an increase of 31 days. From April to May, the number of unique buyers and the total number of transactions both went up by 5,158.52% and 2,417.73%, respectively.
Despite the adverse feelings surrounding Tesla’s decision to eliminate Bitcoin as a payment option for its goods and China’s tightening crackdown on crypto mining operations two months earlier, BAYC sales reached a new milestone by August 2021. The collection earned around $299 million over that time, despite a decline in total sales and unique customers. Its average sale price went up from $13,091 in July to $85,288 in August, which is a 551% increase.
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Except for Axie Infinity, CryptoPunks controlled the NFT market for an extended period of time. CryptoPunks, published by Larva Labs in 2017 and including 10,000 characters, is one of the legacy collections in the space. But NFTs weren’t a big deal in the beginning, so the collection didn’t reach a minimum of $1 million in sales per month until September 2020, when it made $2.96 million.
In its first 39 months, only 2,079 sales were made by 292 different people.
August 2021 is the date of origin. CryptoSlam’s Sales Chart of CryptoPunks In 2021, CryptoPunks’ monthly sales reached a minimum of $6 million. In August 2021, the monthly collection reached a record high of around $679 million. However, since January 2022, monthly sales have fallen below $100 million due to the current crypto winter. Punks earned less than $50 million between May and August.
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This loss is mostly attributable to the present status of the cryptocurrency market, which has resulted in a considerable decrease in the number of unique purchasers and the average sale price.
