BAYC, Crypto Punk NFTs Remain Bullish Amid Market Crash
Recent months have seen increased interaction for the popular NFT collection Bored Ape Yacht Club (BAYC), which has positively swept the Ethereum market off its feet. A recent analysis of its floor price and volume on Open Sea reveals that it is faring quite well despite the crypto crisis.
NFTs Sheltered From Market Crash?
Despite declining from its all-time high, BAYC has had a strong position in the market. Along with other NFTs like Cyberpunk, Blocksmith labs, and a select few others, this NFT was one of the NFT collections that grew and performed incredibly well during the peak of the NFT season.
Amidst the shaken and volatile market, BAYC held on to its number one position despite the whirlwind from all sides. This NFT, which performed exceptionally well, is also praised for its strong resilience during this crypto winter, despite a drop from its all-time high.
According to reports, there is a correlation between BAYC and the Open Sea NFT marketplace, with the floor price of this NFT declining in tandem with the trading volume on the Open Sea. This could only mean one thing: investors are selling off their BAYC NFT.
Strong Dominance In The Market
However, this demonstrated BAYC’s strong dominance on the market, as well as the dominance of other similar NFTs. Cyberpunks is another NFT that has a stronghold on the NFT market. Sales from these two NFTs could have a good or negative impact on the market.
Soon after BAYC reached its record high, it started to decline. The average price of the BAYC NFT throughout this one-month period was 67.25ETH.
Despite the fact that this specific NFT did not experience much volatility due to the market meltdown, there are records of enormous whale sales.
Despite the whales’ expressed interest in the NFT, the NFT has dropped by 36% during the past several days.
Punks and other NFTs like Mutant Ape have also managed to survive with their heads held high during this time. The amount of trading in Cryptopunks increased significantly recently, along with a 30% increase in the number of transactions.
The same is true for Mutant Ape, which also saw an increase in trading activity and transaction rates. Most of the time, it appears as though the market is treating these few NFTS fairly and favorably.
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