Mutant Ape Yacht Club (MAYC) saw investor interest for its non-fungible token (NFT) plummet to new lows after the bearishness of the market deepened in June.
Mutant Ape Yacht Club ranks as one of the most successful NFT projects of all time, with more than $1.5 billion in sales. According to Be[In]Crypto Research, MAYC had a sales volume of approximately $37.58 million in June.
Due to its popularity and patronage, this number may not seem impressive, but it was higher than the sales volume of Axie Infinity, NBA Top Shots, Meebits, Moonbirds, VeeFriends, Doodles, the Sandbox, and CloneX.
With that said, it was a 79% decline from May’s volume. In May, MAYC sales were around $180.66 million.
New to Mutant Ape Yacht Club?
Launched on August 28, Mutant Ape Yacht Club comprises 20,000 Mutant Apes that can only come into existence through the exposure of an existing Bored Ape to a vial of “Mutant Serum,” or via the mining of a Mutant Ape in a public sale.
It was created by Yuga Labs, the same developer behind the creation of the Bored Ape Yacht Club (BAYC).
Why the crash in sales?
Looking at the dip in the number of unique buyers from June, the drop in sales volume led to MAYC’s declining transaction counts, with 1,075 unique buyers, and 1,587 transactions.
In relation to April, when MAYC reached a yearly high in monthly sales, unique buyers were roughly 1,876, corresponding to 2,812 transactions. By the end of that month, MAYC sales were in the region of $261.16 million.
By recording less than $50 million in monthly sales for the first time since Oct ($40.88 million), MAYC reached a new high low in 2022 which was a $223.58 million drop in sales from April.
MAYC average sale value was about $23,683 and this was a 74% decrease in the average sale value for April which was $92,874.65.