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Bored Ape Yacht Club (BAYC), a globally acknowledged non-fungible token collection and the third largest non-fungible token collection in the global non-fungible token market in terms of market capitalization, has seen its trading sales volume significantly surge by +250% today. In the past 24 hours, the Bored Ape Yacht Club NFT series has raised a trading sales volume of $1.9 million.
Data compiled by CryptoSlam.io, an on-chain crypto market data and a multi-chain non-fungible token explorer tracking non-fungible token collection from over 20 blockchain networks, shows that the Bored Ape Yacht Club NFT collection has recorded notable growth today. In the past 24 hours, the Bored Ape NFT collection has amassed a trading sales volume of $1.9 million. During this time, the Bored Ape NFT sales have jumped by +250%, becoming the leading NFT collection in the NFT market.
Launched in 2021, Bored Ape Yacht Club is a globally acknowledged non-fungible token series from the digital asset incubation studio Yuga Labs, featuring a limited edition of 10,000 ape PFPs hosted on the Ethereum blockchain network. Each Bored Ape has distinct traits and accessories, and owning one grants access to an exclusive club with perks like members-only events, airdrop, and commercial rights to the artwork.
Bored Ape Yacht Club is a sister collection to Mutant Ape Yacht Club, Bored Ape Kennel Club, Otherdeed NFT series, and more. The Bored Ape Yacht Club NFT collection gained significant popularity through celebrity endorsements and high-profile ownership, becoming a cultural status symbol and a widely recognized icon in the NFT space. It has a market capitalization of $414 million and a floor price of $41,438.
The sudden Ape growth is associated with the recent launch of the Ape NFT strategy. Earlier this week, TokenWorks launched PunkStrategy, an investment machine offering crypto users an opportunity to invest in the CryptoPunks NFT project. The team began by launching its utility coin “$PNKSTR.” To start the Punk investment journey, 10% of each trade of $PNKSTR was taken as a fee and stored in the protocol. When there are enough fees in the pool, the machine buys a floor punk. The punk automatically gets listed for 1.2x the price when the CryptoPunk NFT is sold, all of the Ethereum (ETH) liquidity buys and burns $PNKSTR.
Since the Punk NFT Strategy received a warm reception among the non-fungible token community, TokenWorks has expanded the PunkStrategy mechanism to any NFT collection, starting with a short list, including Pudgy Penguins, Moonbirds, Meebits, and Bored Apes NFT collections. The ApeStr has the same 10% sell tax as PunkStr. 80% of that will go towards buying Bored Apes directly, 1% to PUNKSTR, and 1% to a multisig committed to buying $BAYC fractional tokens.
The Bored ApeStrategy is open to all in various non-fungible token market platforms, including Magic Eden and Blur. Nonetheless, this function has safety checks to ensure it receives the expected NFT. Purchased apes are immediately relisted for whatever the price multiplier is set to (minimum 110%, maximum 10x). These are available to purchase directly through the contract, not listed on a marketplace like PunkStrategy assets.
In response to the NFT strategy launch, Moonbirds, a non-fungible token collection featuring a limited set of 10,000 pixilated NFTs created on Ethereum, and Pudgy Penguins, a non-fungible token collection featuring a limited set of 8888 NFTs created on Ethereum, have skyrocketed in trading sales volumes. In the past 24 hours, the Moonbirds and Pudgy Penguins have amassed a trading sales volume of 555 ETH and 414 ETH, respectively.
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