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BAYC Profits Soar as NFT Demand rises, but what has Holders Anxious

It was recently discovered that members of the Bored Ape Yacht Club [BAYC] were profitable in recent months. Despite the industry’s market volatility, the NFT asset outperformed many others in the crypto world.

Furthermore, it was determined that BAYC and linked assets accounted for 50% of total Ethereum [ETH] NFT volume over the previous week. This suggested a strong degree of interest and demand for BAYC and linked assets, which was reflected in BAYC holders’ increasing profitability.

According to data given by Dune Analytics, the TVL collected by staking BAYC has also increased. This was a good indicator for the network’s expansion and adoption. However, the APY obtained by staking this asset has fallen significantly, which may lead investors to be concerned.

Furthermore, sales for BAYC have increased 140% in the last 24 hours, according to Dapp Radar. This bodes well for the future growth and profitability of the NFT collection.

The average price for Mutant Ape Yacht Club [MAYC] increased in tandem with the number of NFT holders. According to NFTGO, its price increased by 14.30% in the previous month.

Over the last month, most NFT collections in the BAYC cohort have seen interest from the crypto world. This interest in the collection benefited its native token, APE.

According to Santiment data, there was a surge in ApeCoin activity. Its cost has risen in tandem with the number of daily active addresses.

However, ApeCoin’s network expansion has slowed. This indicated that the quantity of new addresses transferring APE for the first time has reduced in recent days.

According to CoinMarketCap, the price of APE was $5.55 at the time of writing, down 3.59% in the previous 24 hours.

 

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.