Bored Ape Yacht Club, Ethereum’s most popular NFT collection, saw a 60% drop in average sales value in May. Also, the famous singer Snoop Dogg announced that he will open a BAYC themed venue.
The month of May passed with price and volume drops for the cryptocurrency industry. The base prices of the collections in the NFT market, which was affected by this decline, and the average prices of the actual sales also showed similarities. BAIC In terms of average sales value in May, 60% experienced a decline. Average price of sales 382 thousand dollarsa was taken.
BAYC, which still has a higher sales average than other popular collections such as Otherdeed, Art Blocks, NBA Top Shot and Mutant Ape Yacht Club, has experienced a decrease in value but in terms of different amount of ownership. 591 out of 475rose to .
The reason for the decline in the NFT market is the depreciation of Ethereum in the past month. After the UST and LUNA crisis, there was a decrease in all cryptocurrencies. The trading volume of the leading marketplace OpenSea fell by 50% in May.
APE tokenwhich is the May opening price $ 20from 66% regressing 6.76 dollarand closed the month at this price.
BAYC-themed restaurant by Snoop Dogg
A venture co-founded by Andy Nguyen, Kevin Seo and Phillip Huynh. Snoop Dogg and Food Fighters Universewhich will be serving in Los Angeles Dr. Bombay’s Sweet Exploration named announced that they will open a dessert shop.
The venue will be named after Snoop Dogg’s BAYC and will reflect the theme of the collection.