Bored Ape Yacht Club NFTs Crash 50% in May

• The BAYC is a collection of 10000  unique bored Ape NFTs built on the Ethereum blockchain. 

• The Bored Ape Yacht Club NFTs are owned by celebrities such as Madonna, Don Jazzy, Eminem, and Neymar.

• The NFT price has witnessed a fall greater than 50% in dollar terms, thereby reducing its sales volume in May.

Recently, the crypto space has been experiencing dips in prices, and popular NFT, Bored Ape Yacht Club is not excluded. The non-fungible token has fallen below $200,000.

BAYC is among the top NFT performers globally. It shares popularity with leading digital assets such as Ethereum (ETH) and Bitcoin (BTC).

As of the beginning of May, the cheapest Bored Ape was priced at $240,000, based on The Block’s Data Dashboard. Currently, it is valued at about $198,000.

The recent decline cumulated as a result of the sudden collapse of the TerraUSD (UST) which forced the Luna Foundation Guard (LFG) to sell its massive bitcoin reserves to save the UST’s peg.

At the moment, Bitcoin (BTC) and Ethereum are worth below $30,000 and $2,000 respectively. BAYC being  Ethereum based NFTs are valued in ETH and a decline in the crypto market affects the worth of the NFTs when calculated in dollars.

The collapse of the Crypto market also had a big impact on the number of BAYC NFTs sales. A major decline was observed in the number of total BAYC sold.

A drop of about 84% was observed when comparing sales of the NFTs between the beginning of this month and its current sale.

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Ownership of the Bored Apes NFT is not left out in the loss as it is presently in a decline since the NFT collection was also hit on this parameter by about 3%.

Despite all the declines in prices of NFTs, Bored Ape Yacht Club remains at the top of the NFT charts in total volume.

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