Bored Ape Yacht Club (BAYC) overtakes CryptoPunks in all-time sales
NFT News

Bored Ape Yacht Club (BAYC) overtakes CryptoPunks in all-time sales

BTC Peers Reporter

The all-time sales volume of the popular Bored Ape Yacht Club NFT collection has now surpassed CryptoPunks, making it the second-largest NFT collection in the world.

Launched in April 2021 by Yuga Labs, Bored Ape Yacht Club (BAYC) has grown to become one of the most sought-after NFT collections. The 10,000-sized collections of ape avatars have enjoyed significant patronage from celebrities and individuals, and now has a total sales volume of over $2.4 billion.

Source: All-Time NFT Projects Ranking by CryptoSlam

Interestingly, BAYC did not launch with a bang. The project struggled in its first month, generating less than $40,000 in sales. At that time the average sale value was $213.39, and there were just 176 transactions from 141 unique buyers.

May 2021 was a turning point for BAYC. With the NFT market heating up, Ethereum’s native currency reach a then all-time high of $4,362. A portion of this huge liquidity poured into Bored Ape NFTs. Within 31 days, its sales volume surged to approximately $17 million, representing a 45,463.5% increase in a month. The number of unique buyers and total transactions also received a boost, soaring by 2,417.73% and 5,158.52%, respectively from April.

By August 2021, BAYC sales had touched a new milestone despite the bearish sentiments that surrounded Tesla’s move to remove Bitcoin as a payment option for its products and China’s increasing crackdown on crypto mining activities two months earlier. Within the period, the collection raked in approximately $299 million, although its total transactions and unique buyers dropped. Meanwhile, its average sale value grew to $85,288, representing a 551% increase from July’s $13,091.

With the exception of Axie Infinity, CryptoPunks dominated the NFT market for a long time. Released by Larva Labs in 2017, CryptoPunks features 10,000 characters and is one of the legacy collections in the space. However, NFTs were not a big deal in their early days, and as a result, the collection did not see a minimum of $1 million in monthly sales volume until September 2020 when it generated $2.96 million.

Its total transactions and unique buyers were also very low in its early days, with just 2,079 transactions from 292 unique buyers in the first 39 months.

Source: August 2021 CryptoPunks’ Sales Chart by CryptoSlam

CryptoPunks sales took off in 2021, with a minimum of $6 million monthly. On the upper side, the collection saw a monthly all-time high of approximately $679 million in August 2021. However, amid the ongoing crypto winter, monthly sales have dropped below $100 million since January 2022. Between May and August, Punks sales have been less than $50 million.

Much of this decline could be attributed to the current state of the crypto market, which has led to a significant reduction in the number of unique buyers and average sale value.