Dying? What These Bored Apes Sales Say About The NFT Market’s Condition

Sales of the popular Bored Apes NFTs – these nonfungible species nearly considered extinct by some people in the market – are reviving weak spirits and giving hope to those who are about to give up on these silly looking monkeys.

The cryptocurrency market has been hit hard on all fronts. However, the NFT sector was particularly heavily damaged. NonFungible claims that recent events have completely crippled the NFT market.

This is not a joke, therefore allow us to give you a quick rundown of BAYC: It is thanks to Bored Apes and its related collections that the NFT scene is still going strong.

Though interest in NFTs and transaction volume are currently low, a surge is expected in the near future.

According to their findings, trading activity in NFTs plummeted by 77%, leading to a reduction in both retail sales volume and after-tax earnings. The current state of the NFT market is crystallized in a recent sale.

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 NFTs is on the upswing, or are these the industry’s last ditch efforts to survive?

Topping The Charts: Bored Apes And CryptoPunk

DAppRadar reports that the CryptoPunk and Bored Ape collections have been the most popular in the NFT market recently.

The purchase of an ape by Keungz is included in the NFT market’s record-breaking sales. The NFT was purchased by Keungz from Deepak.eth, CEO of Chain.

Rarity Tools places Keungz’s ape as #324 in the Bored Apes collection. The most noticeable of the distinguishing characteristics is the gold fur.

Moreover, Rarity Tools data indicate that just 46 apes, or 0.46% of the collection, possess this characteristic.

CryptoPunk NFT. Image: Zipmex

However, current sales records may not indicate that the NFT business is seeing a recovery. On November 17, DAppRadar released a report analyzing the damage done to the already depleted NFT space.

According to the survey, total commerce volume fell by a staggering 68.6%, while sales fell by 24.5%.

Bored Apes: Clinging And Staying Relevant

Although the market may appear to be dead to many, BAYC and its sibling collections keep the market alive, and with new collections being released every day, the NFT crypto scene is far from dead and may potentially rebound, according to NonFungible.

BAYC and its sister collections keep the NFT side of cryptocurrency alive. Even if every part of the NFT market is at an all-time low, Bored Apes Yacht Club, its sibling collections, and the DeFi gaming industry are making NFTs more attractive to investors.

Based on the DAppRadar study, the FTX disaster has had little impact on the DeFi gaming sector. This may portend positive developments for the NFT scene in the near future.

Crypto total market cap at $784 billion on the daily chart | Featured image from Coin Edition, Chart: TradingView.com