The total number of unique buyers was less than 300.
Bored Ape Yacht Club saw a significant decline in unique buyers during August, primarily due to declining profitability in holding non-fungible tokens (NFTs).
Bored Ape Yacht Club (BAYC) has overtaken CryptoPunks as the second highest-selling NFT collection of all time. BAYC achieved this feat in less than two years after hitting the digital collectible market in April 2021.
Much of this milestone came from an increasing number of unique buyers who believed in the project from Yuga Labs (creators of NFTs).
Unfortunately, negative market sentiment affecting global NFT market sales and unique buyers has been detrimental to the fortunes of one of the most popular collections in the space today.
Throughout August, BAYC saw 263 unique buyers. This was the lowest number of new buyers in 2022, as well as a 16-month low.
Unique Shoppers Continue to Have a Negative Impact on Sales
Unique buyers play an integral role in assessing the demand for a particular NFT collection. After 141 buyers acquired BAYC NFT in April of last year, its status as the new golden goose in the digital art space was cemented with a 2,418% increase in unique buyers to 3,550 in May 2021.
It was during this time that various cryptocurrencies such as Ethereum (ETH) and Internet Computer (ICP) hit new highs.
The result of the increase was an increase in sales volume to approximately $17 million from a relatively minor volume of $37,557 since the month of its launch.
While unique shoppers correlate with sales, BAYC’s history shows that it has formed a new relationship with average sale value. There were months when unique buyers were below the May 2021 milestone, but sales volume remained higher.
A great example can be attributed to January 2022, when Bored Apes had 937 unique buyers making 1,456 transactions.
The average sales value for the period was $238,140. This was an increase of 12,780% from the $1,850 recorded in May of last year.
BAYC Sales Retested Correlation with Unique Buyers in August
In the last three months, the decrease in unique buyers has resulted in a decrease in sales volume. When we look at the number of new buyers, we find a drop from 611 in May 2022 to 424 in June. This led to a 63% drop in sales from $223 million to $82 million.
A further drop in unique buyers to 290 in July and then 263 in August has pushed sales below $60 million in the past two months. August 2022 volume was approximately $58 million.
Decrease in Unique Buyers and Sales Reflected in APE Price
ApeCoin (APE), the native Blockchain asset of the Bored Ape project, has also continued to fall from its peak in its opening month in March 2022. APE traded in the range of $4.61-$7.68 throughout August.
Overall, APE lost 29% of its market value during this time.
BAYC remains one of the Top 5 Collections in Weekly Sales
Bored Ape Yacht Club trailed only Loot, a collection of 8,000 NFTs expressed as images of white text on a black background in the best-selling NFT category in the last seven days. BAYC had sales of approximately $11 million within the period. Ethereum Name Service, Otherside, and CloneX also rounded out the ranks.
By Audy Castaneda
