- Bored Ape collection surpasses leading NFT channel CryptoPunks.
- BAYC was created by Yuga Labs.
- Recently, Eminem and Snoop Dogg showcased BAYC NFTs in their music video.
Bored Apes Moves Ahead Of Crypto Punks
Bored Ape Yacht Club (BAYC) is enjoying some mouth watering success in recent times. The NFT collection has outperformed channels like Mutant Ape Yacht Club (MAYC), Moonbirds, VeeFriends, CloneX, Azuki, NBA Top Shot, Otherdeed, and Artblocks. Most important part is that Bored Apes have surpassed one of the leading projects, CryptoPunks, by reaching 2.4 Billion USD in trade volume.
The BAYC collection was released back in April 2021 by Yuga Labs. It consists of 10,000 algorithmically generated apes with distinct traits. During the initial phase, the digital collectibles did not experience the success they are enjoying today with a trade volume of 37,557 USD, 176 transactions and 141 distinct buyers. The average sales for the collection was 213.13 USD, which is far lower than 1 Ethereum.
May 2021 was among the best phases of ETH, native asset of the Ethereum blockchain. The utility of the coin as a foundational currency for Non-fungible tokens raised the bar for the crypto asset, sending it skyrocketing to its peak of 4,362 USD. BAYC NFT collection enjoyed market liquidity and the volume reached around 17 Million, a 45,463% surge in a month. Total transactions rose by 5,158% and unique buyers by 2,417%.
The collection saw new heights during August 2021 following the massive bear control in the market, which began as BTC delisted as Tesla’s payment method and then the crackdown of China on the crypto sector. During this time, the Bored Apes collection generated around 299 Million USD. In spite of a lowered 3,506 transactions and 1,880 buyers, average trade volume escalated to 85,288 USD.
Recently, the creators of the BAYC collection, Yuga Labs, unveiled a demo of their upcoming Otherside metaverse. Land plots in this Bored Ape universe are called Otherdeeds. Legendary rappers Eminem and Snoop Dogg also own the tokens from this channel, which they used in their latest music video ‘From the D 2 LBC.’
All of these factors have substantially contributed to the popularity of the collection and the official release of the Otherside metaverse may push their growth to new heights.
Source: https://www.thecoinrepublic.com/2022/08/30/bored-apes-yacht-club-leaves-cryptopunks-behind/