The Bored Ape Yacht Club (BAYC) trading volume reached a major milestone on 15 April 2023, as it surpassed 1 million ETH or $2.1 billion USD all time, said NFTEvening.
The achievement was celebrated by BAYC members and the wider NFT community and further solidified BAYC’s position as one of the most valuable NFT collections in the space.
According to CryptoSlam, BAYC has the second-highest trading volume of any NFT collection of all time. Additionally, Yuga Labs, the parent company of the BAYC, accounts for four of the top ten most traded collections in the NFT space.
This highlights the success of the BAYC and its associated companies in the NFT market. Moreover, it highlights the continued interest in NFTs as a whole. BAYC has become a cultural phenomenon and has attracted the attention of celebrities and high-profile investors.
In March 2023, musician Post Malone bought a Bored Ape NFT for 740 ETH or roughly $1.5 million USD. This further propelled BAYC into the mainstream and increased its value and popularity.
The NFT market has seen its fair share of volatility. Prices fluctuate rapidly in response to market conditions and investor sentiment. However, the BAYC’s trading volume of 1 million ETH all-time indicates that it has weathered these storms. As such, it remains a valuable asset for collectors and investors.
It also suggests that the NFT market is maturing and becoming more established as a legitimate asset class.
