There has been intense speculation in the NFT community about a drop in NFT prices. The sentiment was echoed by many blockchain experts on social media regarding the “first bear market for NFT.”
But recently, NFT kits are back in the market. Keep in mind that Bored Ape Yacht Club is showing strong signs of recovery in the NFT market.
Currently, BAYC Group leads the 30-day sales volume chart according to CryptoSlam. It raised over $54.9 million in sales during this period with a modest 5.8% increase in sales.
From the charts below, we can see a good increase in BAYC sales in August. The largest volume appears at the end of the month on August 25 when sales peaked at $3.8 million.
The number of group buyers jumped to 297 after a 4.95% increase. Meanwhile, the number of sellers also saw a rise on the charts as it accelerated to 299 after a 6.41% increase.
The increase in sales is also reflected in BAYC’s recent social engagement.
according to LunarCrushBAYC’s social engagement volume reached 77.9 million per hour. Interestingly, this is the highest point of the last three months for the group. At the same time, the group saw a rise in its prices by 16.37%.
Rise of the apes
Like I said, Santiment research company mentioned In a bullish NFT market, specifically the Mutant Ape Yacht Club (MAYC).
According to the update, MAYC has noticed a huge rise in discussions on the social size chart. This comes after a prominent NFT trader (Tweet embed) “A Few Pieces” sold just over $29,000 this month.
The rise in NFT fortunes was also noted in the Blue Chip Index which has seen the performance of Blue Chip NFTs grow by more than 2% in the past week.