Bored Ape Yacht Club (BAYC), a collection of non-fungible tokens (NFTs), has caught the eye with an amazing resurgence in recent times. Just a few weeks earlier, this collection recorded a significant decline in floor prices, leaving many skeptical about the future of NFTs. However, in a spectacular way, BAYC recovered beyond expectations and set up a record-breaking trade.
An NFT in the BAYC collection, Bored Ape #1734, reached a record price of 600 ETH, or about $1.2 million, in a transaction that took place on July 13. giving new life to the collection and the broader NFT market, which had previously faced a downtrend.
The importance of this transaction cannot be underestimated. It shows renewed interest and confidence in the BAYC collection, proving that NFT remains valuable and can exceed market expectations. This record-breaking transaction caught the attention of both NFT fans and skeptics, opening discussions about the NFT market’s potential for recovery.
Despite concerns about the legitimacy of this transaction, with some commentators questioning its nature, however, there is no concrete information to substantiate these claims.
While the floor price of BAYC has shown signs of recovery with impressive growth in the past 7 days, trading volume and sales have decreased significantly. This indicates a decrease in activity in the collection. However, BAYC still holds an important place in the NFT space, with a strong average price and a rising market cap.
BAYC’s latest transaction has raised expectations as to whether it can set a positive trend for the collection and the broader NFT space. Let’s also wait for the next weeks to see more clarity on whether this trade can spark a positive trend.
