Bored Ape Yacht Club (BAYC) nonfungible tokens (NFTs) have taken quite a plunge lately, with their floor price dropping by over 90% from its peak to just 11.1 Ether (ETH) — the lowest it’s been since August 2021. This puts BAYC on the brink of dipping below the 10 ETH mark, a significant milestone.
Since March 1 alone, BAYC has seen a staggering 50% decrease in its floor price, bringing it back to where it was only four months after its launch in April 2021.Â
The project, backed by Yuga Labs, reached a peak floor price of 128 ETH on May 1, 2022, but has since experienced a notable decline in popularity, mirroring a broader trend in the digital art NFT space.
Despite this overall downtrend, it’s worth mentioning that certain BAYC NFTs continue to command impressive prices well above the floor.
Take, for instance, the sale of BAYC #830, which fetched a whopping 504.3 ETH (equivalent to $1.92 million at the time) last month. Additionally, several other rare items have recently sold for over 30 ETH each.
So, while the floor price paints a picture of decline, there’s still significant value and interest in selected BAYC NFTs, showcasing the diversity and dynamic nature of the market.
CryptoPunks, the largest NFT collection by market capital, also fell from its top floor by 64%, 113.9 Ether.
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