Bored Ape NFT Regains Its Initial Traction – Its NFT Sales Jump +180% Today

Updated: 19 February 2024

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Bored Ape Yacht Club, a non-fungible token collection from the digital asset firm Yuga Labs, has somewhat regained its initial market glory. The Bored Ape NFT collection lost its initial NFT market glory to other blue-chip NFT collections, such as Pudgy Penguins.

Bored Ape Regains Its Initial Traction

Data compiled by Cryptoslam.io, an on-chain data aggregator, shows that the Bored Ape Yacht Club NFT collection has risen in ranking, reflecting its initial glory in the NFT market. In the past 24 hours, the Bored Ape NFT collection has recorded a trading sales volume of $2.3 million.

Launched in April 2021, Bored Ape Yacht Club is a renowned non-fungible token collection from the digital asset incubation Yuga Labs, featuring a limited set of 10,000 NFT collections hosted exclusively on the Ethereum blockchain network. The Bored Ape Yacht is sister to other famous NFT collections like Mutant Ape Yacht Club and Bored Ape Kennel Club.

Ape #7681 bought for 110.00 ETH (316,786.79 USD) on Blur #BAYC #BoredApe https://t.co/KzgIZSPOxP pic.twitter.com/xTgnhNQJl5

— BAYC Sales Bot 🤖️ (@BAYCsalesbot) February 19, 2024

Bored Ape Yacht Club and Mutant Ape Yacht Club grant its holders access to a private online club, exclusive in-person events, and intellectual property rights for the image. Since its inception, the Bored Ape Yacht has grown in traction, with its market capitalization once surpassing the $1 billion mark.

Bored Ape NFT Market Health

The Bored Ape Yacht Club lost its initial market glory last year during the historic NFT market downturn, which left many NFT collections losing more than 70% of their floor price value. In September, DappGambl.com, an analytic firm, revealed that 95% of NFTs were worthless.

Despite the general NFT market retesting some hype late last year, the Bored Ape Yacht Club NFT collection failed to regain its initial market glory, allowing the Pudgy Penguins to rise and become the NFT market leader. The Pudgy Penguins is an NFT collection featuring a limited edition of 8,888 NFTs.

Source: CoinGecko.com, Bored Ape Trading Activity

In recent days, the Bored Ape Yacht Club creator Yuga Labs has engaged market gears aimed at revamping its crypto community. Last week, Yuga Labs announced the acquisition of Proof Collection and its assets. The acquisition allowed the Proof Collective, Moonbirds, Oddities, and Mythics NFT collections to be part of Yuga Labs’ rapidly growing portfolio.