So far, cryptocurrency market movements have not been particularly correlated with the health of the NFT market. This situation is beginning to change, causing non-convertible tokens to see significant declines in trading in May. This is illustrated, for example, by the situation of the very popular Bored Ape Yacht Club collection.
Significant drop in sales value
As it turns out, the month of May turned out to be an unfavorable period for the NFT market. The vast majority of the leading designs experienced difficulties in maintaining good results. This is perfectly reflected in the situation of the Bored Ape Yacht Club. At the beginning of May, the reported sales value of this collection was $43.7 million. That number began to decline over time, dropping to as low as $10 million. In the end, May 2022 brought in $215 million in total sales, compared to $236 million a month earlier.
The reason for the number of transactions
Over the past month, the Bored Ape Yacht Club collection has seen a significant drop in the number of transactions. On May 1, there were 115 transactions, while on May 32 there were only 54. At the same time, the number of buyers decreased. Initially there were 91, but at the end it dropped to 40.
Outlook for June
The correlation of the NFT market with the crypto asset market may be only temporary, or even apparent. Nonetheless, June for the Bored Ape Yacht Club did not start out very promising. In just the first few days, sales dropped from $6.4 million, to $2.3 million. By the middle of the trading session on Friday, June 3, total sales were $9.4 million and the number of transactions was listed at 64.
This situation is also reflected in the health of ApeCoin (APE). The coin, which hit the market, lost 66.11% of its value in May alone, falling from $20.00 to $6.77. June does not spare it either, and at the moment of writing this text we notice the continuation of the downward movement by another 10%.
ApeCoin (APE) is an interesting project that combines the world of NFT with the crypto market. Its functionality redefines non-exchangeable tokens, giving them a completely different character. If you still do not know what this ecosystem is, we invite you to the article under the title: “What is ApeCoin (APE)? The coin behind the Bored Ape Yacht Club”.