BAYC Gives Hope to NFT Market

Yuga Labs-backed NFT project Bored Ape Yacht Club (BAYC) instilled hope by closing the year with a base price of around 70 Ethereum (ETH).

NFT, which was quickly adopted and reached millions of people, became the most popular industry of a time. NFTs attracted great attention with their different designs and unique models. However, the decline in the crypto market also negatively affected the NFT industry. Many projects went through difficult days as they could not find demand. The NFT sector disrupted by 2022 found hope with BAYC supported by Yuga Labs. BAYC closed the year with a base price of 70 ETH, worth about $82k.

BAYC has drawn attention this year by holding the highest floor price of all NFT projects. On the other hand, the base price for CryptoPunks backed by Yuga Labs is gradually falling. CryptoPunks are sold at 60 Ethereum (ETH) levels. Back in November, BAYC was in demand in the shadow of CryptoPunks products for a while. The project, which attracted great interest, managed to become the most important NFT project of recent times. On the other hand, BAYC saw the peak point in the floor price in May. The popular collection formed a base for 145 ETH worth $409k in May. Overall, Yuga Labs managed to sell the most expensive collections of 2022. Yuga Labs accounted for 8 of the 12 most expensive NFT transactions this year.

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