Weekly BAYC Update - 1M followers coming up, avg sale price sits at 90ETH
Hello, TGIF, and welcome to a new series I'm kicking off on NFTInvesting.io - a weekly Bored Ape Yacht Club update. In all honesty, I've been doing these every week since mint week back in April of last year...just for myself. So I thought it was time to take what I'm researching/thinking and share it with everyone else, and while it will be review for most people, hopefully there's a nugget or two in here that make it interesting for someone!
I started this site back on May 9th of 2021, or in NFT terms, centuries ago. Five days before I wrote my first blog post on here, I bought my first Bored Ape who I named Captain Morgan for 0.4455 ETH.
Since then, and like many others in the NFT world at that time, Bored Ape Yacht Club changed my life. While I continued on and was lucky enough to be in the mint for projects like Gutter Cat Gang and Punks Comic, BAYC has been the one I've always put a majority of my focus on.
As the BAYC community grew and we all got things like Mutant Serum, I started to spend a little time each week, usually on a Friday or Sunday morning, catching-up on all things BAYC. This morning I woke up and thought - why don't I share that on NFTInvesting.io and well, here we are.
Enough preamble, let's dive in, here's what's been happening in the Bored Ape Yacht Club world this week.
As of right now the Bored Ape Yacht Club Twitter account has 993.3k followers, and as you can see from the Tweet above, when they hit 1M they're going to have a little Spaces to celebrate. Okay, it probably won't be a little spaces, safe to say this will put Twitter to the test to see how many people Spaces can actually hold. I'm excited about this and am starting to think of a few fun stories I can share.
Okay, hopefully I don't get in trouble for sharing this, but I love Nansen, look at it every single morning, and thought I'd share some data on BAYC because we all love data right?
I don't typically care about the floor, but average sales price is something I look at which currently sits around 90ETH or $169,000 USD. If you look at the chart above you'll see the average sales price has been bouncing around between 80ETH - 100ETH for the last month. It's important to note that while the average sales price has stabilized in this range, ETH has kept going up so the average price of a Bored Ape has actually been steadily increasing.
Mutants have seen a bit more erosion in their average sales price over the last month dipping from the low 20's down to 16.6 ETH. Like I mentioned above though, ETH has increased in value over this time period so looking at the numbers it's remained more stable and pegged to a dollar value of around $31,000 USD.
Serums have been holding strong through the bear market and spacing between M1 and M2 serums has held with M2's seeing a roughly 2x multiple sitting right around 50ETH or $94,000 USD.
Overall, as an investor I personally think this is not a good time to sell anything BAYC given the market dynamics we are seeing. What makes me say this is that as ETH has increased - core BAYC assets have not seen their value in ETH drop as much to compensate as I would have expected. Additionally, with all the current drama happening in the MoonBirds ecosystem I think BAYC once again becomes a safe haven for anyone that jumped onto that side of the pond.
Additionally, I think if ETH were to double over the next month or two, the floor, particularly for OG Bored Apes would stay relatively stable which would 2x the value of the assets and get them back closer to the $400k range before we know it.
Of course, that's an optimistic view but I'm an optimist so it's the only view I have! That being said, for someone like me who didn't sell anything at the last peak, I'm hanging on and just watching the market and soaking it all in. My belief is the next peak will be even higher and while I could live to regret it, that's what I'm betting on right now.
Okay, well this turned into a much longer post than I expected so I'll end it here. Thanks for reading and if you found this helpful and made it all the way to the end, thanks for reading and have an awesome weekend!