According to research, there were 263 distinct purchasers of Bored Ape Yacht Club's (BAYC) nonfungible tokens (NFT) collection throughout the month of August, with 438 total transactions. Since the collection's inception in April 2021, these metrics were the second-lowest on record.
The average transaction value of BAYC NFTs has decreased to $106,456 since the start of crypto winter earlier this year, compared to a peak price of $312,101 per ape collectable in April 2022. The collection experienced its highest monthly sales volume and transactions in May 2021, with 3,550 and 9,255, respectively.
Users have pledged BAYC and CryptoPunks NFTs as collateral to get loans in Ethereum, whose price has fallen dramatically in recent months, putting an estimated $55 million of these NFTs at risk of liquidation. The owner of both collections, Yuga Labs, is also the target of a class-action complaint that claims the company "inappropriately persuaded" the public to purchase BAYC NFTs at a "inflated price."
Three breaches of the BAYC community Discord occurred in the first half of the year as hackers used advanced phishing techniques to try to gain access to the valuable NFTs. At the current pricing, the sale of BAYC NFTs has reached 850,597 ETH, or $2.4 billion. As previously reported by CoinGabbar, the NFT transaction volumes on the asset trading platform OpenSea decreased by 99% from their peak.
