Bored Ape Yacht Club Exceeded $2.4 Billion in Sales Volume in 2021
Blue-chip non-fungible token (NFT) collection Bored Ape Yacht Club (BAYC) surpassed $2.4 billion in sales volume last year, becoming one of the most successful projects ever.
The collection, launched in April 2021, is made up of 10,000 unique NFT digital collectible ape avatars. Like most NFTs, the project struggled in its first month generating just $37,557 in sales.
There were 141 unique buyers and 176 total transactions. The average sale value was $213.39, well below the cost of 1 ETH.
BAYC Registered $300M in Volume in August 2021
As per data by CryptoSlam, BAYC amassed around $300 million in trading volume in August 2021, just four months after its launch.
January 2022 marks the best month ever for BAYC. During this month, the NFT collection had a trading volume of more than $346 million.
However, along with the broader crypto market downturn, BAYC’s trading volume has also taken a hit. The collection recorded less than $10 million in trading volume in August, its worst month ever.
Rising Ether Prices Caused Surge in NFT Volume
May 2021 was one of the best months in the trading history of Ether, the new asset behind the Ethereum ecosystem. The use of ETH as the base currency for NFT transactions saw the coin hit an all-time high of $4,362 for the month, data from CoinMarketCap showed.
Bored Ape NFT sales benefited greatly from the massive liquidity that poured into the market and volume reached approximately $17 million, an increase of 45,463.5% in 31 days. Unique buyers and total transactions increased by 2,417.73% and 5,158.52%, respectively, from April.
BAYC sales hit a new milestone in August 2021 as the market was recovering from a downtrend that began with the removal of Bitcoin (BTC) as a payment method for Tesla products and was later followed by the continued crackdown on China against the cryptocurrency industry in May.
Within the period, BAYC generated approximately $299 million. Despite the reduction of 1,880 unique buyers and 3,506 total transactions, the average sale value was $85,288. This was a 551% increase in the median sales price from $13,091 in July.
Other months that also contributed significantly to historical BAYC sales included September and November 2021.
The Bored Ape Yacht Club (BAYC) is an Ethereum-based NFT collection of 10,000 unique Bored Ape. Each Bored Ape has a basket of programmatically generated traits from over 170 traits, including expression, clothing, headgear, and more.