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BAYC has surpassed 1 MILLION ETH in trading volume!
The Bored Ape Yacht Club (BAYC) trading volume reached a major milestone on April 15, 2023 when it exceeded 1 million ETH or 2.1 billion USD all time. The achievement was celebrated by BAYC members and the wider NFT community and further cemented BAYC’s position as one of the most valuable NFT collections in the space.
BAYC’s trading volume milestone
BAYC’s achievement was announced on Twitter by a community member. It highlighted how BAYC has come a long way in just two years. How it has established itself as a valuable resource for collectors and investors alike. The trading volume of 1 million Ether (ETH) is proof of the appeal of BAYC and the NFT market in general.
According to CryptoSlam, the BAYC trade has the second highest volume of any NFT collection of all time. In addition, Yuga Labs, the parent company of BAYC, accounts for four of the ten most traded collections in the NFT area. This highlights the success of BAYC and its affiliates in the NFT market. Moreover, it highlights the continued interest in NFTs as a whole.
Following the achievement, BoredOhms, a BAYC member and Sewer Apes founder, created a new “ONE MILLION ETH” Jimmyfied edit for BAYC members to celebrate the milestonee. This highlights the community aspect of BAYC and how members come together to celebrate each other’s achievements. It also demonstrates the creative ways members use their NFTs to express themselves and connect with others in the community.
BAYC has become a cultural phenomenon and has attracted the attention of celebrities and high-profile investors. In March 2023, musician Post Malone purchased a Bored Ape NFT for 740 ETH or approximately $1.5 million. This propelled BAYC further into the mainstream and increased its value and popularity.
Implications for the NFT market and beyond
The NFT market has seen its fair share of volatility. Prices fluctuate rapidly in response to market conditions and investor sentiment. However, BAYC’s all-time trading volume of 1 million ETH indicates that it has weathered these storms. As such, it remains a valuable resource for collectors and investors. It also suggests that the NFT market is maturing and becoming more established as a legitimate asset class.
Looking ahead, the future for the NFT market and BAYC is bright, with continued growth and development expected. As more people enter the space and learn about the potential benefits of owning NFTs, the demand for valuable collections like BAYC is likely to increase.
