Bored Ape Yacht Club took a backseat during the month of May after NFT saw a steep drop in its average selling price.
What could prove to be a tough month for the entire crypto finance space, especially non-fungible tokens. Be. According to[In]Crypto research, BAYC ended May with a trading price of $152,658.
While this figure may seem high compared to the prices of other NFTs such as NBA Top Shot, OtherDid, The Sandbox, Azuki, Art Blox and its collaborative project, Mutant Ape Yacht Club (MAYC), BAYC average prices dropped by 60%. Is. From May 1. On that day, BAYC NFTs were trading at an average of $382,894.
What is causing the fall in the price of BAYCs?
The crypto market crash that occurred in May piqued investor interest in NFTs, and Bored App Yacht Club is largely responsible for the sinking value of NFTs.
The total sales volume of BAYC NFTs in May 2022 was approximately $214.91 million.
Although there was an increase of unique buyers (591) from 475 in April 2022, which led to an increase in the total number of transactions (982), average selling prices declined.
The average sale price of Bored Ape Yacht Club for May was $218,850. That was $89,666 less than April ($308,517), $35,324 ($254,175) down from March, $55,812 ($274,663) under February, and $50,202 under the January 2022 average selling price of $269,053.
Impact on ApexCoin (APE)
The APE opened on May 1, 2022 with a trading price of $20.02. The coin hit a monthly low of $5.25 and closed the month at $6.76. Overall, APE’s opening and closing prices declined 66% in May.