The non-fungible token market, which used to make waves earlier last year and the previous year, has faded in recent weeks. The NFT market started tumbling in June, with most NFTs shielding more than 70% of their floor price value. Some NFT investors have even pronounced the market dead.
This Mutant Ape Has Just Sold For Over $800K
On September 01, this Mutant Ape Yacht Club NFT collection reverted this statement, selling for nearly $1 million even amid the crypto bear market. The NFT collection has showcased the NFT market’s strong potential to retest market hype in the coming weeks.
Machi just bought this Mutant Ape for 500 ETH
Who won this trade, the buyer or the seller? pic.twitter.com/Bvwyhad6RS
— Moritz (@moritz_web3) September 1, 2023
Data recorded by Etherscan, an on-chain aggregator, confirmed that an NFT investor named Machibigbrother.eth bought a Mutant Ape Yacht Club #30002 for 500 ETH. Based on the current Ether price of $1,633, Machibigbrother has paid around $816,000 for his NFT collection.
Launched in August 2021, Mutant Ape Yacht Club is an NFT collection from the digital asset firm Yuga Labs, featuring a limited edition of 20,000 NFTs hosted on the Ethereum network. Mutant Ape Yacht Club (MAYC) was an extension of the popular Bored Ape Yacht Club (BAYC) NFT collection.
Mutant Ape Yacht Club NFT Market Health
The Mutant Ape Yacht Club NFT collection was launched after Bored Ape Yacht Club quickly became one of the most prominent and popular NFT collections. To show their appreciation for their Bored Ape community, the Yuga Labs team delivered on the first phase of their project roadmap with the launch of the Mutant Ape Yacht Club NFT collection.
The NFT collection began gaining traction among investors right during the launching, with the first 10,000 Mutant Apes NFT selling and raising $96 million within an hour of their launch. Since then, the NFT collection has remained resilient despite market tides, emerging as one of the all-time top-selling NFT collections.
At the time of writing, Mutant Apes Yacht Club appears to be consolidating after a short rally. In the past 24 hours, the NFT collection has recorded a trading sales volume of 1,168 ETH, representing a 72% spike from the previous day. The NFT collection has a market cap of $167 million and a floor price of $8,589.
Source: CoinGecko.com, Mutant Ape trading activity.
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