Bored Ape Yacht Club’s Dominance Wanes as Competitors Rise to Prominence

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The leading non-fungible token (NFT) collection, the Bored Ape Yacht Club (BAYC), has seen a slump in its predominance. Over the past quarter, the lowest value of BAYC NFTs has plunged from 64 ETH to a little more than 37 ETH. In addition, since the end of April, the Cryptopunks NFT collection has maintained a higher floor value than that of BAYC.

BAYC Surrenders Market Position to Rival NFT Collections

Once the top dog in the NFT market, the Bored Ape Yacht Club (BAYC) has been grappling with a decrease in both market supremacy and overall performance over the past trimester.

Despite BAYC’s previous dominance in trading volume as recorded by cryptoslam.io, newer collections have begun to steal the limelight. Remarkably, a Bitcoin-based Ordinal NFT collection recently overtook BAYC in weekly sales volume, marking a noteworthy shift in market leadership.

Still, Bored Ape Yacht Club (BAYC) has a fighting chance. Its monthly sales volume still places it at the pinnacle of collections in terms of sales. Considering all-time sales, BAYC holds the second position, right behind Axie Infinity.

However, the formidable all-time sales volume of Cryptopunks is fast encroaching on BAYC’s records. BAYC claims total sales of $2.89 billion, whereas Cryptopunks have chalked up an impressive $2.18 billion in all-time sales.

BAYC enthusiasts have endured a tough spell as the collection’s floor metrics suffered a substantial setback over the previous 90 days. As per archived information from coingecko.com, on April 1, 2023, BAYC’s floor value was at 64.2 ether.

Regrettably, this value has since decreased to 37 ether, equivalent to $70,810 based on current ETH exchange rates. Given the entire collection of 10,000 unique apes, the market cap hits a striking total of over $707 million. Coingecko’s data shows that BAYC recorded a 24-hour trading volume of 6,339 ETH, equating to slightly more than $12 million.

As per archived statistics from nftpricefloor.com, at 11:07 a.m. (ET) on June 24, 2023, Cryptopunks led the pack with the highest floor value of 49 ether. The site’s data further highlights that BAYC’s value dropped to a low of 33 ether within a single day, underscoring the collection’s struggles.

Moreover, theblock.co’s archived data shows that since May 5, 2023, Cryptopunks’ floor value has exceeded BAYC’s. In fact, even before this date, BAYC had difficulties maintaining its top spot, consistently losing out to Cryptopunks.

The diminishing attraction of Bored Apes lately remains enigmatic, but emerging collections, including Bitcoin-derived ones, have been eating into their sales. Google Trends data shows a drastic reduction in worldwide interest in the term “Bored Ape Yacht Club” over the past year.

Around this time last year, the search term scored a notable 100 out of 100. However, the score for this week has plummeted to a mere 10 out of 100. Intriguingly, the countries most interested in the term “Bored Ape Yacht Club,” according to Google Trends, are China, Singapore, Hong Kong, Myanmar (Burma), and New Zealand.

What do you envision for the future of the Bored Ape Yacht Club? Can it reclaim its erstwhile dominance, or will it be surpassed by new challengers in the NFT domain? We welcome your thoughts and perspectives on this topic in the comments section below.

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More about Bored Ape Yacht Club Decline

• Bored Ape Yacht Club
• Cryptopunks
• NFT market trends on Google
• Cryptoslam.io
• Coingecko’s BAYC data
• NFT price floor
• The Block