NFT market Analysis: BAYC tops as CryptoPunk slumps

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BAYC recorded a massive rise in sales after days of poor market outings while erstwhile market leader CryptoPunk suffers a slump.

BAYC RECLAIMS TOP SPOT AS CRYPTOPUNK SLUMPS

The Bored Ape Yacht Club (BAYC) has reclaimed its spot on top of the log as the best-selling NFT collection, after losing traction and sales for some days. The collection recorded a massive turn up of 40% increase in sales after being down for a few days due to market uncertainties.

Despite being lower than previous transactions, the BAYC recorded $1.9 million in 18 transactions to stay ahead of other collections like the Sorare, Otherdeed, and Art Blocks, which were all above the $1 million mark for the day.

CryptoPunk, which has been a recent leader on the log, continued to suffer a slump in the market, as it went on to record a negative growth of 67%, seating 7th on the log of sales performance by market volume, doing $780,000 in transactional volume, in just 5 transactions.

The collection with the most voluminous transactions is the Sorare, which had 19,747 transactions in total, and a total sales volume of $1.6 million. Although with more transactions than the BAYC, it still ranked lower in terms of sales volume.

HIGHEST SELLING ARTWORKS

The CryptoPunk, despite performing poorly in terms of market sales, still distinguished itself as a major collection, as it had the best selling work, CryptoPunk 9650, which sold for $264, 113 or 169 ETH. Although the log of top-selling works was. Dominated by the BAYC, the CryptoPunk collection had two works in the top 10.

 The CryptoPunk 9650 and CryptoPunk 3133 which sold for a combined fee of 401,842, raked in a whopping 52% of total sales made by the CryptoPunk collection

SOLANA TOPS ETHEREUM IN THE NUMBER OF TRANSACTIONS

However, despite the recent rise in the price of Ethereum, which is an incentive for NFT collectors, collections built on Solana saw an increase in the number of transactions carried out on the Solana blockchain, where 58,000 transactions were carried out as against its closest rival Flow, with 34,000, while the Ethereum did some 33,000 transactions.

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