Ethereum NFT sales dip 63%; How is the Bored Ape Yacht Club faring?

Lavina Daryanani
Source: CryptoPotato

The crypto market noted one of its worst crashes on Thursday. However on Friday, it made a complete 180-degree flip, and most top coins had registered short-term double-digit gains.

Nonetheless, the broader bearishness wasn’t swept away completely. On the weekly window, most coins had still substantial losses. Consequentially, the state of the NFT market remained to be quite similar.

The weekly NFT sale figures on top blockchains remained soaked in blood at press time. Ethereum registered sales worth $625 million over the past week. Seven days back, the number was approximately 63% higher.

Sales on Solana, on the other hand, managed to surpass the $63 million mark, but again, were 34% lower when compared to the previous week. On other blockchains like Polygon, Flow and Avalanche, merely seven-digit sale figures were registered, after noting weekly dips in the 23% to 58% range.

Source: CryptoSlam

How have individual collections like BAYC and MAYC been performing?

In the same seven-day period, Bored Ape Yacht Club NFT sales managed to garner 52 million Ethereum. Mutant Ape Yacht Club, on the other hand, managed to register only 42 million Ethereum via sales. Notably, they were down 68% on the weekly too.

Source: CryptoSlam

The depleting sale numbers were well-accompanied by depreciating floor prices. Exactly a week back, Bored Ape Yacht Club’s floor price stood at 100 Ethereum. Dune Analytics’ data brought to light the same. However, at press time, it stood almost 10% down, at 91 Ethereum.

Source: Dune Analytics

MAYC’s numbers also followed the same trend. On 6 May, a buyer had to shell out a minimum of 22.4 Ethereum to acquire one MAYC NFT. However, at press time, the cost had already shrunk down to 19 Ethereum.

Source: Dune Analytics

Thus, the losses incurred over the last couple of days weren’t restricted only to the crypto market. Even the NFT market had taken an equal hit, with top collections like BAYC and MAYC suffering.