Ape Finance sends BAYC to the top of the daily NFT market

The Bored Ape Yacht Club (BAYC) collectible rose to the top of the non-fungible token (NFT) market with $1.33 million in sales on July 31, according to CryptoSlam data.

The collection has been declining throughout July and had not spent a single day above $1 million through Wednesday.

This unusual surge was attributed to Ape Finance, a project that implemented a new contract that allows investors to mint 100 million $BAYC fungible memecoins by locking up their BAYC NFTs.

Tokens can be burned to redeem NFTs.

One investor who spotted the opportunity early said he made a profit of $150,000 in just one minute.

The BAYC NFT collection became the second best-selling item of all time with $3.17 billion in sales, second only to Axie Infinity’s $4.27 billion in sales.

The second-placed collection of the day was “n0 0rdinary kind,” a new collection in Bitcoin with a total sales volume of $1.02 million.

The collection reached 6,601 unique buyers and 1,712 sellers in the first day’s second-hand sales.

In third place, the DogeZuki Collection at Solana garnered $613,148 in sales. While volume was up from Tuesday’s $495,472 total, it wasn’t enough to hold on to the top spot.

Guild of Guardians Heroes on Immutable came in fourth with $420,610, while Bitcoin Puppets came in fifth with $385,857.

The Ethereum blockchain, home to the Bored Ape Yacht Club, reported strong sales of $15.65 million on the same day, a significant increase from the $3.93 million recorded the previous day.

Ethereum’s market-leading performance on July 31 helped it maintain its position as a powerhouse in the NFT market, reaching an all-time sales volume of $43.91 billion.

The total NFT market cap in July saw sales of $430.44 million, down from $438.67 million in June.

Ethereum bucked the trend with monthly sales of $142.32 million in July, more than the $139.53 million sales in June.