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Dying? What These Bored Apes Sales Say About The NFT Market’s Condition

Bored Apes

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The sale of the popular Bored Apes NFTs – these non-blessed species, considered by some in the market to be almost extinct – will revive weak spirits and give hope to those who are giving up these silly looking monkeys.

The cryptocurrency market has been hit hard on all fronts. However, the NFT sector was particularly hard hit. NonFungible claims that recent events have completely crippled the NFT market.

This is no joke, so let us give you a quick summary of BAYC: Thanks to Bored Apes and related collections, the NFT scene is still going strong.

Although interest in NFT contracts and transaction volumes are currently low, an increase is expected in the near future.

According to their findings, NFT trading plummeted by 77 percent, leading to a decline in both retail volume and after-tax profit. The current state of the NFT market has been epitomized by the recent sell-off.

Bored Ape #232. Image: NFT Plazas

Recently, an anonymous buyer named Keungz paid $928,860 for Bored Ape #232 (above).

Are these high sales an indication that the NFT market is on the rise, or are these the industry’s last-ditch efforts to survive?

Top of the list: bored monkeys and CryptoPunk

DAppRadar reports that the CryptoPunk and Bored Ape collections have been the most popular in the NFT market recently.

Keungz’s monkey purchase is included in a record sale in the NFT market. Keungz bought NFT from Deepak.eth, CEO of Chain.

Rarity Tools ranks Keungz’s monkey as #324 in the Bored Apes collection. The most notable distinguishing feature is the golden coat.

Additionally, data from Rarity Tools shows that only 46 monkeys, or 0.46% of the collection, have this trait.

CryptoPunk NFT. Image: Zipmex

However, current sales data do not necessarily indicate that the NFT business is recovering. On November 17, DAppRadar published a report analyzing the damage done to the already depleted NFT space.

According to the survey, total trade volume fell a whopping 68.6%, while sales fell 24.5%.

Bored Monkeys: Clinging and Staying Relevant

While the market may appear to be dead to many, BAYC and its sister collections keep the market alive, and with new collections being released every day, the NFT script world is far from dead, and could potentially revive, according to NonFungible.

BAYC and its sister collections keep the NFT side of cryptocurrency alive. While every part of the NFT market is at an all-time low, Bored Apes Yacht Club, its sister collections, and the DeFi gaming industry are making NFT more attractive to investors.

Based on DAppRadar research, the FTX disaster has had little impact on the DeFi gaming sector. This may foreshadow positive developments for the NFT scene in the near future.

The total market capitalization of the crypto market is $784 billion on the daily chart | Featured image from Coin Edition, Chart: TradingView.com

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