The BAYC collection plunged throughout July and hasn’t had a single day above $1 million until Wednesday

The Bored Ape Yacht Club (BAYC) collection soared to the top of the NFT market with $1.33 million in sales on July 31, according to CryptoSlam data.

The collection plunged throughout July and hasn’t had a single day above $1 million until Wednesday.

The unusual surge has been attributed to Ape Finance, a project that deployed a new contract that allows traders to lock their BAYC NFTs to mint 100 million $BAYC fungible memecoins.

The tokens can be burned to claim back the non-fungible tokens.

One investor who identified the opportunity early boasted a $150,000 profit in just one minute.

The BAYC NFT collection ranks second in all-time sales with $3.17 billion, behind Axie Infinity’s $4.27.

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

The collection saw 6,601 unique buyers and 1,712 sellers in secondary sales on the day of its debut.

Coming in third, the DogeZuki Collection on Solana collected $613,148 in sales. Though its sales volume increased from Tuesday’s total of $495,472, it was not enough to give hold on to the top spot.

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

The Ethereum blockchain, which hosts the Bored Ape Yacht Club, reported a strong $15.65 million in sales on the same day, a significant increase from the $3.93 million logged the previous day.

Ethereum’s market-leading performance on July 31 contributes to its all-time sales volume of $43.91 billion, maintaining its status as a powerhouse in the NFT market.

The overall NFT market in July recorded $430.44 million in sales, down from $438.67 million in June.