Bored Ape Yacht Club generated approximately $110 million in February 2022. Although that looks relatively high when compared to the sales volume of other NFT marketplaces, Bored Ape Yacht Club was down approximately $311 million, representing a $200 million fall in volume in 28 days.
Bored Ape Yacht Club reached an all-time high in single-day sales volume in Aug 2021, hitting approximately $55 million.
Bored Ape Yacht Club, or simply Bored Ape, is a non-fungible token collection built on the Ethereum blockchain. The collection features profile pictures of cartoon apes that are procedurally generated by an algorithm. Yuga Labs is the parent company of Bored Ape Yacht Club.
NFTs, or non-fungible tokens, are unique, irreplaceable, mostly digital items that users buy and sell online.
NFTs use blockchain technology to keep a digital record of ownership, similar to cryptocurrencies. They were first launched on ethereum, the same blockchain that supports the cryptocurrency ether, and most NFTs can still only be purchased using ether.
But the ongoing sell-off in cryptocurrencies has taken a bit out of NFT sales. Weekly NFT sales have bee more than cut in half from its early January peak of nearly $1 billion, according to data from NonFungible.com.
Bored Ape Yacht Club and Cryptopunks continue to maintain their dominance as the most popular NFTs to own, which comes just a week after the creators of BAYC, Yuga Labs acquired cryptopunks from Larva Labs.
Before the explosion of profile picture (PFP) non-fungible tokens (NFTs), creators and developers rarely stuck around to build utilities around their collections or projects.
Instead, they typically cashed in on a particular NFT craze and then immediately set their sights on the next lucrative opportunity. That was until Yuga Labs came along. That’s the company behind the $3 billion Bored Ape Yacht Club (BAYC) collection.
Unlike most NFT projects before it, Yuga Labs introduced new and improved strategies for enabling engagement and building a sustainable NFT ecosystem. Part of Yuga Labs’ success can be attributed to the company’s decision to build a community-focused blueprint for managing the BAYC brand.
The single-day high sales volume in 2022 was generated on Jan. 30, when BAYC saw liquidity in the value of approximately $36 million in its NFTs. Unfortunately, there was a steep decline in this figure as it descended by 73% on Feb. 1, when BAYC generated approximately $9.58 million.
Creators of BAYC, Yuga Labs, announced this week they had acquired NFT marketplaces Meebits and CryptoPunks from Larva Labs, meaning the team behind BAYC now owns two of the top five NFT marketplaces by sales volume.