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During the month of May, the value of the Bored Ape Yacht Club dropped significantly as the average sales price of the NFTs dropped significantly.
- The price of Bored Ape Yacht Club NFTs continues to decrease.
- In May, BAYC sales volume also continued to decline.
- May sales of Bored Ape Yacht Club NFTs averaged less than $200,000 per transaction.
May was a difficult month for the whole crypto finance industry, particularly for non-fungible coins. According to research by Be[In]Crypto, BAYC's trading price at the end of May was $152,658.
BAYC average readings have decreased by sixty percent since May 1. On that day, the average price of BAYC NFTs traded was $382,894.
What precipitated BAYC's price decline?
The crypto market slump that continued into May diminished investor interest in NFTs and is primarily to blame for the devaluation of Bored Ape Yacht Club NFTs.
In May 2022, the total volume of BAYC NFTs sold was roughly $214,91 million.
Despite a rise in the number of unique purchasers from 475 in April 2022 to 591 in May 2022, which resulted in an increase in the number of total transactions (982), average sales values decreased.
May's average sales value for Bored Ape Yacht Club was $218,850. This was $89,666 less than April's average sales price of $308,517, $35,324 less than March's average sales price of $254,175, $55,812 less than February's average sales price of $274,663, and $50,202 less than January 2022's average sales price of $269,053.
The effect on ApecCoin (APE)
The impact on ApecCoin (APE) On May 1, 2022, APE began trading at a price of $20.02. The token's lowest price for the month was $5.25, and it completed the month at $6.76. In May, the difference between the opening and closing prices of APE was 66 percent.
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