The Bored Ape Yacht Club (BAYC), a prominent non-fungible token (NFT) collection, has been experiencing a decline in its dominance. In the past 90 days, the minimum value of BAYC NFTs has plummeted from 64 ETH to just above 37 ETH. Furthermore, the floor value of the Cryptopunks NFT collection has been higher than BAYC’s since the final week of April.
BAYC Loses Ground to Competitors in NFT Market
The once-dominant Bored Ape Yacht Club (BAYC) has been facing a decline in both its market dominance and overall performance for the past three months.
While BAYC used to reign as the leading collection in terms of trade volume, as evidenced by cryptoslam.io statistics, other collections have now taken the spotlight. In a recent turn of events, a collection of Bitcoin-based Ordinal NFTs surpassed BAYC in seven-day sales volume, marking a shift in the hierarchy.
However, there is still a glimmer of hope for Bored Ape Yacht Club (BAYC) as its 30-day sales volume positions it as the top collection in terms of sales. When considering all-time sales, BAYC secures the second-largest spot, just behind Axie Infinity.
Nonetheless, the impressive all-time sales volume of Cryptopunks is rapidly closing in on BAYC’s figures. BAYC boasts overall sales amounting to $2.89 billion, while Cryptopunks’ all-time sales tally reaches a notable $2.18 billion.
BAYC collectors have faced a rough patch as the floor statistics of the collection took a significant hit over the past 90 days. According to archived data from coingecko.com on June 24, BAYC’s floor value stood at 64.2 ether on April 1, 2023.
However, it has now dwindled to 37 ether or $70,810 based on the current ETH exchange rates. Considering the entire collection of 10,000 unique apes, the market capitalization reaches an impressive value of over $707 million. Coingecko’s report reveals that BAYC recorded a 24-hour volume of 6,339 ETH, amounting to just over $12 million.
As of 11:07 a.m. (ET) on June 24, 2023, according to archived metrics from nftpricefloor.com, Cryptopunks reign supreme with the largest floor value of 49 ether. The web portal’s data also reveals that within a mere 24-hour period, BAYC plummeted to a low of 33 ether, showcasing the challenges faced by the collection.
Additionally, archived records from theblock.co indicate that Cryptopunks’ floor value surpassed that of BAYC since May 5, 2023. In fact, even prior to that date, BAYC struggled to maintain its leading position, with Cryptopunks consistently taking the lead.
The waning appeal of Bored Apes in recent times remains a mystery, but new collections, including those derived from Bitcoin, have been chipping away at their sales. Google Trends data reflects a sharp decline in global interest in the search term “Bored Ape Yacht Club” over the past 12 months.
Around this very week last year, the search term reached an impressive peak score of 100 out of 100. However, the current week’s score has plummeted to a mere 10 out of 100. Notably, according to Google Trends, the top five countries showing the most interest in searching for the term “Bored Ape Yacht Club” are China, Singapore, Hong Kong, Myanmar (Burma), and New Zealand.
What do you think the future holds for the Bored Ape Yacht Club? Will it regain its former dominance or be overtaken by new contenders in the NFT space? Share your thoughts and opinions about this subject in the comments section below.
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