The NFT continues to fight against the downtrends of the market. BAYC had a sales volume of approximately $52 million in July.

Like over 90% of NFTs, BAYC experienced a significant reduction in sales volume due to negative market sentiment in July.

Bored Ape Yacht Club overtook CryptoPunks to become the second largest NFT by sales volume of all time, with over $2.3 billion, as of August 2.

Bored Ape had a total sales volume of around $52.7 million, according to CryptoSlam data analysis.

While this metric may seem small given the popularity of the BAYC project, it outperformed the sales of Otherdeeds, Mutant Ape Yacht Club (MAYC), Bored Ape Kennel Club (BAKC), CryptoPunks, Axie Infinity, and NBA Top Shots, among others.

However, July sales were down 36% from June’s $82 million volume.

Reasons for the fall in BAYC Sales

When you look at the drop in the number of unique buyers for July, the drop in sales caused the transaction count to drop, with 290 unique buyers and 515 transactions.

Compared to June, there was a 31% drop in unique buyers (424) and transactions (748).

In contrast to the metrics from January, when Bored Apes peaked for sales, unique buyers stood at 937, corresponding to 1,456 transactions. In January, the sales volume was around 346 million dollars.

After generating less than $60 million, Bored Apes hit a yearly low where they lost $294 million from Jan’s sales.

In addition to unique buyers and transaction counts, the average sale value also plummeted. There was a 57% decrease in average sales value, from $238,139 in January to $102,334 in July.

NFTs so far…

Typically identified by their abbreviation, NFTs, non-fungible tokens are digital assets that serve as a representation of a variety of unique tangible and intangible items, such as virtual real estate, collectible sports cards, digital art, and digital sneakers, among others.

NFTs are indestructible, non-interoperable, indivisible, and verifiable.

Axie Infinity, Bored Ape Yacht Club (BAYC), CryptoPunks, Mutant Ape Yacht Club (MAYC), and Art Blocks are the top five NFTs by sales volume of all time.

APE (ApeCoin) Price Reaction

Many analysts credit inflation, the economic uncertainties of the Russian/Ukrainian crisis and are looking for the Federal Reserve to control inflation by increasing interest rates as factors for the general stay of the market, and consequently, the APE.

The APE opened on July 1 with a trading price of $4.63, reached a monthly high of $7.26, tested a monthly low of $4.20, and closed at $6.72.

Overall, despite the drop in sales volume, there was a 45% increase between the opening and closing price of the APE in July.

Currently, according to the TechNewsLeader Price Index, APE trade at $6.82 with a 24-hour USD volume of $257,193,619.00.

The price of APE has decreased by -5.82% in the last 24 hours. ApeCoin (APE) holds the rank 35 on TechNewsLeader Price Index, with a market capitalization of $2,092,762,384.

The forecasts for August 2022 point out that the ApeCoin price would climb to an average of $9.08 with a minimum trading price of $8.77 and a maximum price value of $9.48.

By Audy Castaneda

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