Sales of the popular Bored Apes NFT – those non-fungible species almost considered extinct by some people in the market – are rekindling faint spirits and giving hope to those who are about to abandon these silly looking apes .
The cryptocurrency market has been hit hard on all fronts. However, the NFT sector was particularly affected. Not fungible claims that recent events have completely crippled the NFT market.
It’s no joke, so allow us to give you a brief overview of BAYC: It’s thanks to Bored Apes and its associated collections that the NFT scene is still going strong.
Although interest in NFTs and trading volume are currently low, an increase is expected in the near future.
According to their findings, business activity in NFTs fell by 77%, leading to a reduction in both retail sales volume and after-tax profits. The current state of the NFT market is crystallized in a recent selloff.
Bored Ape #232. Image: NFT Plazas
Recently, an anonymous buyer called Keungz paid $928,860 for Bored Ape #232 (above).
Do these high sales indicate that the market for NFT is on the rise, or is this the industry’s last ditch effort to survive?
Top of the charts: Bored Apes and CryptoPunk
DAppRadar reports that the CryptoPunk and Bored Ape collections have recently been the most popular in the NFT market.
The purchase of a monkey by Keungz is included in the record sales of the NFT market. The NFT was purchased by Keungz from Deepak.eth, CEO of Chain.
Rarity Tools places Keungz’s monkey at number 324 in the Bored Apes collection. The most notable of the distinguishing features is the golden fur.
In addition, Rarity Tools the data indicates that only 46 monkeys, or 0.46% of the collection, possess this feature.
CryptoPunk NFT. Image: Zipmex
However, current sales records may not indicate that NFT activity is recovering. On November 17, DAppRadar released a report analyzing the damage to the already depleted NFT space.
According to the survey, total trade volume fell by 68.6%, while sales fell by 24.5%.
Bored Monkeys: Hanging On and Staying Relevant
Although the market may seem dead to many, BAYC and its sister collections are keeping the market alive, and with new collections being released every day, the NFT crypto scene is far from dead and could potentially rebound, according to NonFungible.
BAYC and its sister collections keep the NFT side of cryptocurrency alive. Even though every part of the NFT market is at an all-time low, Bored Apes Yacht Club, its sister collections, and the DeFi gaming industry are making NFTs more attractive to investors.
According to the DAppRadar study, the FTX disaster had little impact on the DeFi gaming sector. This may portend positive developments for the NFT scene in the near future.
Total Crypto Market Cap At $784 Billion On Daily Chart | Coin Edition Featured Image, Chart: TradingView.com