• Holders of the Bored Ape Yacht Club (BAYC) were observed to be in profit as demand for the NFT increased.
• BAYC and related assets made up 50% of the overall Ethereum [ETH] NFT volume in the past week, indicating a high level of interest and demand for BAYC and related assets.
• Sales for BAYC also surged with a 140% increase over the last 24 hours, according to Dapp Radar.
The crypto space has been in a state of flux lately with the price of Bitcoin and other virtual currencies fluctuating greatly. Despite the volatility, holders of the Bored Ape Yacht Club (BAYC) have remained profitable as the demand for the Non-Fungible Token (NFT) associated with the asset continues to grow. According to NFTstatistics.eth, a Bored Ape is now less than 50% of the total value of all the NFTs and coins each BAYC has received since minting.
The growth and adoption of BAYC has also been reflected in the increasing TVL collected by staking the asset. Data provided by Dune Analytics showed that the amount of TVL collected by staking BAYC had increased significantly, indicating growth in the network. However, the APY generated by staking this asset declined, which could be a cause for concern for investors.
The growing interest in BAYC was further evidenced by the fact that it made up 50% of the overall Ethereum [ETH] NFT volume in the past week. This indicated a high level of interest and demand for BAYC and related assets, which was reflected in the growing profitability of BAYC holders.
In addition to this, sales for BAYC also surged with a 140% increase over the last 24 hours, according to Dapp Radar. This is a positive sign for the NFT collection’s future growth and profitability. The average price for Mutant Ape Yacht Club [MAYC] also grew along with the number of holders holding the NFT collection. Its price grew by 14.30% in the last month, according to NFTGO.
Overall, the growth of BAYC and the associated NFTs has been an encouraging sign for investors and holders of the asset. With demand continuing to grow, it is likely that BAYC and its associated NFTs will continue to be profitable, despite the volatility of the crypto market.