Why Bored Apes Yacht Club (BAYC) NFTs sales spike by 175% and floor price by 109 ETH?

Nonfungible tokens have seen a massive boom in the previous year; however, in comparison, this year lagged to show similar performance

In 2021, the total worth of non-fungible tokens space had totaled more than $22 billion in market valuation. Some major and prominent players emerged in the crypto space, including popular NFT marketplaces like OpenSea and this year launched LooksRare. At the same time, a large number of NFTs, for instance, Bored Ape Yacht Club, CryptoPunks, The Sandbox, and a lot more.

Last year the sector of non-fungible tokens made record growth while this year it’s still coping with the expectations. However, its efforts gradually came into effect, for instance, the recent volume growth of the BAYC NFT collection.

Among one of the biggest collections of non-fungible tokens in the market, Bored Apes Yacht Club has seen an increase in volume up to approximately 1% million. In comparison, the volume has risen by more than 175% as per reports by WuBlockchain.

On top of that, an increase in trading activity has also been seen where the floor price of the popular NFT series has spiked to almost 110 ETH or about $330,000. The total market value of the NFT collection is currently close to reaching $1 billion, while the number of NFT holders crossed about 6,400.

Even though issues related to exploits and security have been seen most recently, the NFT collection still managed to attract investors, including celebrities and even some Venture Capitalists. Previously, it was reported that the official Discord community of the project was exploited, and several users had received phishing links that were urging them for transferring some data that allowing those hackers to steal those users’ non-fungible tokens.

While the exploit took place, scammers involved in the hack stole NFT worth about $100,000. On top of that, most users believed the time that the project managers were trying to make giveaways that were tied to April Fool’s day, which made some of them actually take the bait and transfer that information to hackers.

Among those who recently joined the community includes the most recent celebrity who joined the trend and chosen BAYC to do so, who is pop legend Madonna herself. Several reports were there that she purchased a bored ape, pink in color, wearing a leather cap, as those specifications fit and matched the proactive look and performances of the superstar.

ALSO READ: Uniswap expands with capabilities in website trading and Web3

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing