According to BanklessTimes, the Bored Ape Yacht Club (BAYC) volume soared from 5199.3 ETH on July 23, 2021, to 15409.3 ETH on July 23, 2022. The surge represents a 196.37% growth for the one last year.
Commenting on the data, BanklessTimes CEO Jonathan Merry said. “There has been a significant increase in interest in BAYC NFTs just before the debut of the Otherside metaverse project by Yuga Labs. NFTs are a lucrative investment, with over $25 billion transactions in 2021. But, despite all this money, non-fungible tokens have not yet made it into mainstream society.”
BAYC Continues to Rally
The recent increase in the price of ApeCoin coincides with the recent expansion in the value of the BAYC NFT collection. Since its launch a little more than a month ago, the exchange rate for APE/USD has increased by close to 100 percent.
At the beginning of the second quarter of 2022, Yuga Labs, proprietors of the BAYC, introduced some steps towards registration. The measures included Know Your Client, which did not impress users. This saw the uptake go low before it began picking up.
Why is Bored Ape Yacht Club Valuable?
Celebrity ownership has made BAYC more valuable. The NFT market saw a spike in sales and anticipation when well-known figures like Jimmy Fallon and Justin Bieber invested in Bored Ape.
Besides, there is the issue of practicality. For the most part, NFT initiatives claim to provide some form of usefulness. Thus it is more than just a profile image. Play-to-win games or the ability to stake NFTs for cryptocurrency are examples. Full story and statistics can be found here: Bored Ape Yacht Club (Bayc) Volume Soared 196.37% In One Year
