BAYC and MAYC are seeing an increase in sales, but what about their floor price?
- BAYC and MAYC have seen a drop in the floor price since June 2022.
- However, this has not affected sales in any way.
The market for top Ethereum-based PFP (Profile Picture) NFT pools continues to show signs of weakness, with floor prices continuing to decline since last year, data from Delphi Digital has revealed.
Since June 2022, Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC)two of the most popular PFP NFT collections, have experienced a 20% drop in floor prices.
Meanwhile, other collections, such as Clone X and Moonbirds, have seen even steeper declines, dropping 55% and 65% respectively.
Top Ethereum PFP NFT collections have continued their withdrawals since last year. pic.twitter.com/t0abvUNEz7
— Delphi Digital (@Delphi_Digital) March 4, 2023
Since the start of the year, the NFT ecosystem has experienced a wave in trading volume, which has contributed to increased trading activity for various NFT collections.
In particular, BAYC and MAYC have seen significant increases in sales volume so far this year, despite the decline in floor prices.
BAYC and MAYC are unable to give up top positions
Towards the end of 2022, CryptoPunks briefly overtook BAYC as the NFT pool with the largest share of market capitalization in the NFT market.
Despite the steady decline in the floor price, BAYC regained its position as the top NFT project and currently holds 8.17% of the total market share.
While CryptoPunks’ brief takeover of the top spot in the NFT market indicates the growing competition in the space, BAYC’s ability to maintain its position as a leading NFT project demonstrates its resilience and enduring popularity.
At the time of writing, CryptoPunks’ market capitalization represented 7.82% of the entire market capitalization.
Source: NFTGo
While MAYC has also seen a constant drop in TVL over the past year, sales volume for the NFT project continues to rise.
According to data from NFTGo, MAYC’s sales volume in the past year represented 6.33% of the entire market sales volume. BAYC was ahead with 7.69% within the same period.
In fact, the combined sales volume of Yuga Labs’ BAYC, Otherdeed and MAYC represented 22% of all sales recorded in the NFT market during the period under investigation.
Source: NFTGo
Yuga Labs is asking other creators to go home
According to a new report from DappRadarYuga Labs led the NFT market in February with five pools, BAYC, MAYC, BAKC, Otherdeeds, and Sewer Pass, occupying the top 10 positions of the highest-grossing NFT pools on the Ethereum blockchain.
These collections represented 30% dominance over the entire NFT trading volume on Ethereum, which amounts to a staggering $1.6 billion.
Source: DappRadar
