Bored Ape Yacht Club, a once-dominant force in the Ethereum non-fungible token (NFT) market, has seen its floor price plummet to a new low. Recent data from Wu Blockchain, a Chinese crypto channel, shows that the BAYC’s floor price briefly dropped below 11 Ethereum, landing at 10.89 ETH. This marks the lowest valuation for the collection since August 2021.
The decrease reflects not just a momentary dip but a substantial decline of 12.08% in a single day. Consequently, the current floor price of 11.1 ETH is down 90% from its peak during the NFT market boom. This significant fall in value indicates a cooling interest in high-value NFTs, particularly within the Ethereum-based collections.
Moreover, the broader NFT sector on Ethereum is experiencing similar downturns. BAYC’s sharp decline highlights a challenging period for the market, which once thrived during the cryptocurrency bull run. Hence, collectors and investors might be witnessing a shift in the digital assets landscape, possibly adjusting their strategies in response to these changing dynamics.
Looking at Bored Ape Yacht Club’s market performance, BAYC has recently seen its floor price stabilize between 60 and 70 ETH. This comes after a turbulent period in which prices dipped to 48 ETH in November last year. Consequently, the collection maintains a market capitalization of 110,650 ETH despite the market turmoil.
Launched on April 22, 2021, by Yuga Labs, Bored Ape Yacht Club quickly emerged as a top player in the digital collectible arena. Its 10,000 unique NFTs serve not only as art but also as a gateway to exclusive events and benefits for holders. Moreover, the Bored Apes offer expansive rights for commercial use, distinguishing them from earlier projects like CryptoPunks.
Additionally, the launch price of these NFTs was just 0.08 ETH, equivalent to under $200 at that time. The collection sold out within hours, highlighting its initial appeal. The peak of Bored Ape prices came in early May 2022 when they reached nearly 145 ETH.
As of press time, BAYC’s top bid is at 10.66 ETH, while the floor price remains at 11.06 ETH, with a daily change of +6.95% and a weekly change of -10.17%. The 1-day volume is at 1621 ETH, while the 7-day volume is at 7662 ETH.
