Boring Ape exits Boring Kingdom, but investors may not be happy

boring ape yacht club [BAYC] The community ignored the NFT market drawdown and brought the collection to the pinnacle of social contribution. According to Lunar Crush, the Yuga Labs-backed series has achieved the feat of reaching the highest social point in the past 90 days.

The social intelligence platform states that there are 72,370 daily BAYC social contributors.

📊INSIGHT: The #BAYC community is growing📈

Daily hits for Bored Ape Yacht Club social contributors were 72.37K, the highest in the past 90 days.


— LunarCrush (@LunarCrush) October 28, 2022

How is everything going?

Although BAYC’s sales fell 16.55%, it posted its highest sales of the past 90 days with $118.27 million. Interestingly, this performance was enough to help it stay at the top of the rankings. According to NFT market aggregator CryptoSlam, as of press time, BAYC has been thrown out of the top and ranked third.

CryptoSlam shows that NFT collections recorded sales among 530 buyers and 646 sellers. With a total of 1,024 transactions during this period, it is clear that the increase in social has little to do with community social interaction. What’s more, the record is well below the September record.

The Boring Ape Yacht Club's transaction volume in the past 90 days

Source: CryptoSlam

In a shorter period of time, BAYC has not performed particularly well compared to some of its competitors. An evaluation of the CryptoSlam data shows that the Sorare NFT collection has outperformed Bored Ape over the past 7 days. As of this writing, Sorare had $8.06 million in sales during the period.

For BAYC, that’s $6.91 million. However, a surprising series broke into the top three. Despite using Polygon [MATIC] The network Reddit Collectible Avatars sold a whopping $7.13 million. It’s up 1057% in the last 7 days, which means there’s more interest in it than BAYC. Also, another noteworthy part is the amount of interest in BAYC from Sorare and Reddit favorites.

According to CryptoSlam, both collections had thousands of traders and trades at the time of the BAYC assessment. However, you can point to the incredibly high BAYC reserve price for this reason. Still, this does not remove the fact that more traders are looking for profits from other series than BAYC.

NFT sales in the past 24 hours

Source: CryptoSlam

Where is BAYC now?

While investors may have hoped for a recovery from the initial decline, BAYC was disappointed. As of press time, BAYC has fallen to the fourth place in the entire chain market performance. The series has lost 33.23% of its sales in the past 24 hours. CryptoSlam shows a trading volume of $695,864. In addition, for the participation of buyers and sellers, it is all red.

Likewise, the recent drop has been passed on to Ethereum as a whole [ETH] NFT performance. At press time, NFT transactions on the Ethereum chain have seen much lower participation in the past 24 hours. As such, the increase in BAYC social contributors appears to have less impact on the broader NFT market.

Source of information: Compiled from AMBCRYPTO by 0x Information.The copyright belongs to the author and may not be reproduced without permission

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