Bored Ape Kennel Club’s (BAKC) sales volume fell by a significant amount in June because of bearish market trends that had been carried over from May.
Bored Ape Kennel Club is one of the top 20 non-fungible tokens, NFTs, by annual sales volume. BAKC’s total sales volume was $339.57 Million as of July 15. According to Be[In]Crypto Research shows that Bored Ape Kennel Club sold approximately $4.09 Million in June.
Source: Chart from CryptoSlam, June 2022 BAKC
This figure was amongst the lowest in the top NFTs compared to NBA Top Shots and Mutant Ape Yacht Clubs (MAYC), Art Blocks, Azukis, CloneX, Bored Ape Yacht Clubs (BAYC), Doodles.
This was a 73% drop in sales compared to May. In May, BAKC’s sales volume was roughly $15.24 million.
Source: Bored Ape Kennel Club May 2020 Chart by CryptoSlam
With that said, June’s sale was above that of Axie Infinity, Meebits, and VeeFriends.
Bored Ape Kennel Club – New!
Bored Ape Kennel Club was established in June 2021, as an offshoot the Bored Ape Yacht Club NFT collection (BAYC). BAYC, which was available on several NFT marketplaces for sale, was not offered for sale.
Instead, the Bored Ape Kennel Club offered it to owners of Bored Apes. There are approximately 10,000 Bored Apes in the wild, but only 400 of them were able to participate in the adoption process for the Bored Ape Kennel Club. The total number of BAKC NFTs is now 9,602.
Yuga Labs is the developer of this project. Yuga Labs is the developer behind BAYC, MAYC, and CryptoPunks which Larva Labs acquired in March.
What is the reason for the sales crash?
The decline in unique buyers in June led to a decrease in transaction counts at BAKC. There were 347 unique buyers and 479 transactions.
January was the month when BAKC reached an all-time high of monthly sales. There were 1,623 unique buyers, and 2,564 transactions.
Bored Ape Kennel Club sales reached $61.52 Million by the end Jan
Source: Chart from CryptoSlam, BAKC Jan 2022 Chart
BAKC’s June sales were $57.42M lower than Jan’s record of $10 million, the first time it had recorded this much since Oct ($5.61 Million).
The average sale price also suffered a significant drop, in addition to the sales volume. The average sale value dropped 64% from $23,993.51 to $8,552.02 between May and June.