Even though BAYC has fallen from its all-time high, it has been a strong market player. This NFT was one of the NFT collections that grew and did very well during the peak of the NFT season. Others like Cyberpunk, Blocksmith Labs, and a few others did the same.
Even though the market was unsteady and unpredictable, BAYC kept its number one spot. Even though it has dropped from its all-time high, this NFT has been praised for how well it has held up during this crypto winter.
Reports say that there is a link between BAYC and the Open Sea NFT market, and that the floor price of this NFT goes down as the number of trades on the Open Sea goes up. This can only mean that investors are selling their BAYC NFT shares.
Strong Dominance In The Market
But this showed how strong BAYC was on the market, as well as how strong other NFTs like it were. Cyberpunks is another NFT that has a strong hold on the market. The market could be helped or hurt by the sales of these two NFTs.
As soon as BAYC hit its all-time high, it began to go down. During this one-month time frame, the BAYC NFT cost an average of 67.25ETH.
Despite the fact that this particular NFT did not experience a great deal of volatility as a result of the market collapse, there are recordings of massive whale sales.
In spite of the whales’ interest in the NFT, the NFT has decreased by 36% over the past few days.
Punks and other non-human primates, such as Mutant Ape, have also managed to maintain their dignity during this time. The volume of Cryptopunks trading has recently surged dramatically, along with the number of transactions by 30%.
The same holds true for Mutant Ape, whose trade activity and transaction rates also increased. It appears that the market treats these few NFTS fairly and favorably the majority of the time.