Blue-chip NFT collections like Bored Ape Yacht Club have emerged as a prime target in the recent crypto crash. Arguably the most eye-catching NFT collection to date, BAYC has far outperformed its competitors and even most of the crypto market. Although, like everyone else, BAYC’s run through the market has come to an abrupt end… but for how much longer?
How is BAYC doing during the crypto crash?
BAYC’s average selling price has fallen 29% since last week, according to DappRadar. While transactions have slowed by 21% and user numbers have fallen by 27%.
Yuga Labs’ BAYC NFT collection, which hit an all-time high in April, has typically outperformed the rest of the NFT market. As the BAYC community continues to fight its share of downside, Yuga Labs is planning to bounce back after its latest upset.
Meanwhile, the average selling price for Yuga Labs’ Otherdeeds NFT collection has fallen by 23% over the past seven days. Additionally, BAYC-native token ApeCoin is also down about 36% this week, according to CoinMarketCap.
However, BAYC’s recent drop reflects a broader trend unfolding in the non-fungible token market. For example, the JPG NFT Index, which provides exposure to an expansionary basket of NFTs, fell about 26% over the past week. Additionally, NFT-backed loans, which allow borrowers to pledge their digital artworks as collateral to raise funds, may also contribute to the recent slump in NFT sales.
Bitcoin & ETH see drastic turns
Additionally, major cryptocurrencies have seen their prices plummet, with bitcoin slipping almost 18% over the past week. While those who bought last November saw Bitcoin fall 50% from its all-time high. Ether, on the other hand, has taken a similar 15% plunge, taking the price to a significant price point below its last resistance. Going forward, the crypto and NFT market will remain as volatile as ever. However, NFT buyers are bullish as many use these downtrend moments to pursue worthwhile projects.
As always, be vigilant!