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Bored Apes NFTs Might be Sick, But the NFT Market is Dying!

  /  cryptocurrency   /  Bored Apes NFTs Might be Sick, But the NFT Market is Dying!
NFT Market is Dying

Bored Apes NFTs Might be Sick, But the NFT Market is Dying!

The NFT market might be dying! It has already made Bored Apes NFTs quite sick

Sales of the popular Bored Apes NFTs, these nonfungible species that some in the market believe are nearly extinct – are reviving weak spirits and giving hope to those who are about to give up on these silly-looking monkeys. On all fronts, the cryptocurrency market has taken a beating. Currently, Bored Apes NFTs are facing a massive decline and the current economic turmoil is to be blamed. 

However, the NFT sector was particularly hard hit. According to NonFungible, recent events have entirely crippled the NFT market. This isn’t a joke, so let us give you a quick rundown of BAYC: The NFT scene is still alive and well thanks to Bored Apes and its related collections. Though interest and transaction volume in NFTs are currently low, a surge is expected in the near future. According to their findings, trading activity in NFTs fell by 77%, resulting in a decrease in both retail sales volume and after-tax earnings.

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A recent sale encapsulates the current state of the NFT market. An anonymous buyer named Keungz recently paid US$928.860 for Bored Apes. 

Bored Apes and CryptoPunk are at the Top of the Charts

According to DAppRadar, the CryptoPunk and Bored Ape collections have recently been the most popular in the NFT market. Keungz’s purchase of an ape is included in the NFT market’s record-breaking sales. Keungz purchased the NFT from Chain’s CEO, Deepak. Eth. Keungz’s ape is numbered #324 in Rarity Tools’ Bored Apes collection. The gold fur is the most noticeable of the distinguishing features. Furthermore, Rarity Tools data show that only 46 apes, or 0.46% of the collection, have this trait.

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However, current sales figures may not indicate that the NFT industry is recovering. DAppRadar published a report on November 17 that examined the the damage is done to the already depleted NFT space. Total commerce volume fell by 68.6%, while sales fell by 24.5%, according to the survey.

Apes are Bored: How to Stay Relevant

According to NonFungible, although the market appears to be dead to many, BAYC and its sibling collections keep the market alive. With new collections being released every day, the NFT crypto scene is far from dead and may potentially rebound. The NFT side of cryptocurrency is kept alive by BAYC and its sister collections. Even though the NFT market is at an all-time low, the Bored Apes Yacht Club, its sibling collections, and the DeFi gaming industry are making NFTs more appealing to investors.

According to the DAppRadar research, the FTX disaster had little impact on the DeFi gaming sector.

This could mean good things for the NFT scene in the near future.