Number of people buying BAYC NFTs drops to record low in August

Number of people buying BAYC NFTs drops to record low in August

Taken from data According to the report, the number of people purchasing Bored Ape Yacht Club (BAYC) NFTs in August fell to 263, with the total number of transactions remaining at 438. These numbers were the second lowest the collection has seen since April 2021.

Since entering the crypto winter earlier this year, the average transaction value of BAYC NFTs has dropped to as low as $106,456 compared to the peak price of $312,101 in April 2022. The collection had reached 3,550 buyers and 9,255 transactions in May 2021.

BAYC and CryptoPunks NFTs, with an estimated value of $55 million, are at risk of liquidation due to users using their collections as collateral to purchase Ethereum-denominated loans, the price of which has fallen significantly in recent months. In addition, Yuga Labs, the owner of both collections, has been sued for allegedly “pushing the community into purchasing BAYC NFTs at an inflated price”.

In the first half of the year, the BAYC Discord community faced three security breaches as hackers used phishing techniques to illegally access NFTs. Total sales of BAYC NFTs to date have exceeded 850,597 ETH ($2.4 billion). Cointelegraph previously reported that NFT marketplace OpenSea’s trading volume dropped 99 percent from its peak.

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