The price for joining the Bored Ape Yacht Club (BAYC), once a popular Ethereum NFT collection, has dropped noticeably.
The current slump represents a decrease of more than 90% from its previous all-time high, which was reached around two and a half years ago. Recently, BAYC’s NFT floor price has dropped below $10, resulting from a 50% decline that started on March 1st.
BAYC Floor Price Plummets Below 11 ETH
Based on information from NFT Price Floor, the minimum price for Bored Ape NFTs dropped beneath 11 Ether or around $37,500 on Monday, April 15. The price settled at 10.9 Ether, marking a 12.08% decrease in value within only one day.
The price of BAYC’s floor value reached its lowest point since early August 2021, which was at 9.5 ETH. Yet, there has been a slight improvement lately with the floor price currently sitting at 11.09 ETH.
The current floor price for BAYC is over 90% lower than its peak price of around $395,000 or 128 ETH, which it reached in April 2022.
Over the past month, BAYC’s sales on CryptoSlam have shown a worrying downward trend. Despite totaling $28,795,403 in sales, which is the fifth highest among all collectibles, this represents a 29% decrease compared to the previous 30 days.
In the larger picture, according to data from CryptoSlam, Bitcoin NFTs, also known as Bitcoin Ordinals, have been performing better than Ethereum NFTs.
During the same timeframe, Bitcoin Ordinals recorded sales worth $458.8 million, outpacing Ethereum NFTs’ sales of $299 million. It’s worth mentioning that unclassified Bitcoin Ordinals are presently dominating the market in terms of sales value.
BAYC’S History
Introduced in April 2021, this collection garnered significant support from celebrities. Even amidst a lengthy slump in the NFT market, specifically for expensive profile picture tokens, BAYC continued to shine as a remarkable achievement.
BAYC, renowned for its engaged community and consistent unveiling of fresh collections, has consistently ranked as a premier NFT collection since its inception. With over $3 billion worth of transactions documented by CryptoSlam, it continues to dominate the market in sales volume.
In spite of a significant drop in prices, certain Bored Ape Yacht Club (BAYC) NFTs have continued to be bought for significantly more than their current minimum selling price. For example, BAYC #830 was recently sold for 504.3 ETH, which amounted to approximately $1.92 million at the time.
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2024-04-16 23:18