• BAYC holders were observed to be profitable as demand for the NFT increased.
• It was discovered that BAYC and related assets made up 50% of the overall Ethereum [ETH] NFT volume in the past week.
• Sales for BAYC also surged with a 140% increase over the last 24 hours, according to Dapp Radar.
The Bored Ape Yacht Club [BAYC] has been a standout performer in the crypto space recently, with holders of the NFT asset observing profits over the last few months. This was despite the turbulence of the industry’s markets, causing the asset to be less than 50% of the total value of all the NFTs and coins it has received since minting.
The observed success of BAYC is largely due to the high level of interest and demand it has seen from the crypto space. The network’s growth and adoption was further reinforced with the increase in TVL collected by staking BAYC, according to data provided by Dune Analytics. This was corroborated by the 140% increase in sales for BAYC over the last 24 hours, as reported by Dapp Radar.
The increasing demand for the NFT collection was also reflected in the growing profitability of BAYC holders, as well as the average price for Mutant Ape Yacht Club [MAYC], which saw a 14.30% increase in the last month, according to NFTGO. Most NFT collections in the BAYC cohort also saw a surge in interest from the crypto space over the summer.
All in all, the success of BAYC and related assets has been a positive sign for the industry. It has provided a much needed boost of confidence in the crypto space, as well as a potential upside for investors looking to diversify their portfolios. The success of BAYC is further illustrated by the ApeCoin Profit Calculator, which allows investors to calculate their potential profits from investing in BAYC and related assets.