Bored Ape Yacht Club has hit a sales milestone that bodes well for the entire non-fungible token (NFT) space, due to the increase in monthly sales volume in March and April.
Bored Ape Yacht Club is one of the most popular names when it comes to digital storage.
Be. According to[In]Crypto Research, Bored Ape Yacht Club, had a total sales volume of approximately $2.04 billion as of May 4, 2022.
This comes as a huge boost to the project after the successful launch of Otherside Metaverse by Yug Labs.
This puts Bored Ape Yacht Club behind Axie Infinity (AXS) and Cryptopunks in terms of sales.
At the same time, BAYC is still ahead of other top projects such as Art Blocks, NBA Top Shot, OtherDead, CloneX, Azuki, WeFriends, Moonbirds, MeatBits and The Sandbox.
What contributed to the increase in the sales volume of Bored Ape Yacht Club?
The qualification of holders of Bor Ape Yacht Club as potential earners of free airdropped ApCoins (APE) as well as potential owners of plots of land in the Otherside Metaverse can be attributed as the primary reason for the increasing BAYC sales volume.
When ApeCoin launched in March 2022, the ApeCoin Foundation announced an airdrop of 150 million APE.
Bored app NFT owners are eligible to claim up to APE 10,094. The airdrop is still ongoing and will end on June 15, 2022.
BAYC saw an increase in unique buyers in March, after hitting an annual low of 381, with the total number of unique buyers falling 59% in February from 933 in January.
In March 2022, BAYC had 669 unique buyers, and this corresponded to a total of 1,011 transactions – a 75% increase in 31 days.
Overall, BAYC sales volume in March was approximately $256.95 million, and this was a 106% increase from February 2022 sales of $124.42 million.
In April, BAYC, the creators of Era Labs, announced April 30 as the launch date for the Otherside Metaverse. Others started 200,000 plots for the BAYC community.
Half the land (100,000) will be rewarded to those who contribute to the development of the Metaverse.
Of the remaining half, 55,000 plots were put up for sale on 30 April, and the remaining 45,000 were given free of charge to holders of Bored Ape Yacht Club and Mutant Ape Yacht Club.
This positively affected the average selling price of BAYC. By the end of April 2022, the average selling price of BAYC reached an all-time high of $308,497.23, which is approximately 101 ETH. BAYC sales volume for April was in the region of $236.31 million.
Impact on APE Value
The APE opened on April 1, 2022, with a trading price of $12.70, reached a monthly high of $26.91 on April 28, and closed the month with a price of $20.01. Overall there was a 57% increase between April’s opening and closing prices.