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Number of unique BAYC buyers plunged in August to second-lowest on record

According to data from cryptoslam.io, the number of unique buyers for the nonfungible tokens (NFT) collection Bored Ape Yacht Club (BAYC) has fallen to 263 for the month of August, with 438 total transactions. These metrics were the second-lowest on record since the collection's launch in April 2021.

Since crypto winter began earlier this year, the average transaction value of BAYC NFTs has fallen to $106,456, compared to a peak price of $312,101 per ape collectible in April 2022. In May 2021, the collection saw the peak number of buyers and transactions, at 3,550 and 9,255, respectively.

An estimated $55 million worth of BAYC and CryptoPunks NFTs are at risk of liquidation due to users pledging them as collateral to take out loans denominated in Ethereum — the price of which has fallen drastically in value in recent months. Yuga Labs, the owner of both collections, is also facing a class-action lawsuit alleging that the firm "inappropriately induced" the community to buy BAYC NFTs at an "inflated price."

In the first half of the year, the BAYC community Discord was breached three times as hackers deployed sophisticated phishing techniques in attempts to access the lucrative NFTs. To date, the sale of BAYC NFTs has surpassed 850,597 ETH or $2.4 billion at current prices. Cointelegraph previously reported that asset trading platform OpenSea saw NFT transaction volumes plunge 99% from its peak.

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About Jude Savage

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