The month of May was quite humdrum for the crypto market. Barring minor relief rallies here and there, asset prices majorly kept tumbling. The NFT market replicated the same and most top collections found it difficult to fare well.
Take the case of Bored Ape Yacht Club itself. Back on 1 May, its sales reflected a value of $43.7 million. Right after, the number kept dipping and by the end of the month, the number stood under $10 million. As a result, May 2022 could only contribute $215 million to the total lifetime sales of the collection when compared to April’s $236 million.
The dip in the same was triggered by the exit of Bored Ape Yacht Club buyers and the reduction in the number of transactions. On 1 May, a total of 115 transactions had taken place, but on 31 May stood at merely 54. In fact, in the fourth week, the number had dropped down to a single-digit [9]. Alongside, in the same monthly period, the number of buyers shrunk by more than half from 91 to 40.
What to expect from the NFT collection in June?
Well, the sentiment would play a crucial role in determining Bored Ape Yacht Club’s June fate. For now, the month has kick-started on quite a mundane note. The sales, as illustrated below, had dipped from $6.4 million to $2.3 million in just the initial couple of days. Until press time on Friday, the cumulative sales stood at merely $9.4 million, while the total transactions reflected a value of 64.
If the buying interest is not replenished, then it’d be quite challenging for Bored Ape Yacht Club to put up a good show in June. Since we’re just in the beginning it’d be interesting to see how things unfold going forward, and the same would largely depend on how the broader crypto market performs.