BAYC and MAYC leads NFT market January rejuvenation- Decoding ‘how’

• The Yuga Labs collections topped NFT sales in January.
• Interest in digital collectibles soared but BAYC and MAYC had lost their spots.

Like inseparable sisters, the NFT market joined its counterpart, the crypto market in recovering from the reds recorded for most of the second half (H2) of 2022. However, these were not the only ones who acted like they were entangled.

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Yuga Labs time to thrive?

According to CryptoSlam, Bored Ape Yacht Club [BAYC] and Mutant Ape Yacht Club [MAYC] were the two collections with the most sales in the just-ended month.

Information from the NFT aggregator showed that BAYC sales in the last 30 days were $71.24 million. And, these transactions happened between 377 buyers and 423 sellers.

Similarly, MAYC sales amounted to $58.85 million. But the collection also created by Yuga Labs was able to meet up with the volume in many more transactions.

In the last 30 days, the transactions went up 21.68% to 2700. And, this involved 1325 buyers and 1419 sellers.

Source: CryptoSlam

The increase in sales by these collections, and others ensured that NFTs on the Ethereum [ETH] blockchain rose above $700 million.

CryptoSlam data revealed that the one-month sales performance on the Proof-of-Stake (PoS) chain was $788.43 million— a 41.85% increase.

Besides Ethereum NFTs, other blockchains including Solana [SOL], Avalanche [AVAX], and Polygon [MATIC] joined in. Furthermore, interest in digital collectibles all around seems to have notably improved.  

Hunters are back at it

According to Google Trends, the search for “NFT” has been on a downward spiral in the last 23 months. Evidently, because the broader market has been hostile. However, a quick search for the term in recent times revealed that there has been an increased hunt for assets globally.

At the time of writing, the Google Trends “NFT” score was 85. Such a high score indicated that traders might have the viewpoint that the bear market was out of its strong stage.

Source: Google Trends

Interestingly, China led the queries for the term despite the country’s strong policies against crypto-linked assets. Other Asian countries including Singapore and Hong Kong also formed part of the top five.

For searches in Europe, Armenia was the spearhead while Nigeria expectedly led in Africa since it has the most crypto users in the region.

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In addition, both BAYC and MAYC did not lose bullish momentum ever since in the last seven days. But between the previous day and at the time of writing, there have been some changes.

BAYC lost its top spot in terms of sales as it dropped 14.74%. MAYC also fell from second to fifth within the same time frame.

BAYC sales volume | Source: CryptoSlam