Is the OpenSea-BAYC connect the latest in the NFT market? These data suggest…

  • New Data Implies Correlation Between BAYC Price Floors and OpenSea Volume
  • Despite declining since its peak, major crypto collections (BAYC, MAYC, CryptoPunks) have performed well

The BAYC NFT collection has continued to maintain its top spot in the NFT space despite the volatility facing the crypto market. The impact of the Bored Ape Yacht Club (BAYC) NFT collection has been reported by Delphi Digital last tweet. The tweet also suggested a correlation between BAYC and OpenSea.

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According to the data, BAYC’s price floors peaked around the same time as OpenSea’s total daily trading volumes. After peaking, BAYC’s floor price fell, and trading volume on OpenSea followed suit.

This development suggested that BAYC and other NFT collections associated with it, such as Mutant Ape Yacht Club (MAYC) and CryptoPunks, were still playing a key role in generating volume and interest in NFT markets.

Source: Digital Delphi

Bored monkeys and moreā€¦

After hitting its peak, BAYC price floors have fallen significantly. Over the past month, the average floor price of a BAYC The NFT was 67.25 ETH. The price floor did not see much fluctuation during this period, however, BAYC saw a spike in whale sales towards the end of the month.

Although whales have shown interest in BAYC NFT, its volume and sales are down -7.51% and -36.61% respectively in the last seven days according to DappRadar.

Source: NFTGO

How do mutant monkeys and punks fare?

NFT collections such as MAYC and CryptoPunks have done well in this area. The volume of the CryptoPunks collection has increased significantly over the past few days, as evidenced by the chart below. Along with this, the number of transactions made with the NFT has also increased by 36.63% in the last 7 days.

Over the same span, the MAYC collection saw a slight increase in volume and traders, according to DappRadar. The volume increased by 11.18% and the number of traders increased by 9.01%.

Source: RadarDapp

All the attention that NFTs generate could have a positive impact on ApeCoin and vice versa.

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From the data collected by Santiment, it has been observed that the number of daily active addresses for MONKEY significantly increased over the past month. Along with this, large addresses have also started to take an interest in the token.

This was indicated by the spike in the percentage of APE held by top addresses. Large addresses have gone from 8% to 14% of APE’s overall supply over the past month. Despite this increased interest from whales, the price of APE continued to decline.

Source: Santiment

As of this writing, APE is trading at $3.58 and its price has fallen 0.76% in the past 24 hours.

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