While it looks like the broad crypto industry is gradually recovering from a turbulent season, the same can not be said for the Non-Fungible Token (NFT) ecosystem.
🔥Reach more than 5 000 000 real investors via Twitter influencer marketing! 🔥
Bored Ape Yacht Club (BAYC), which is considered one of the key players in the NFT space, has suddenly hit rock bottom as the collection’s floor price sees a sharp decline, according to NFT marketplace OpenSea.
BAYC Floor Price Rebounds Slightly
Since 2021, the Ethereum (ETH)-based NFT collection has been known to rake in up to $3 billion and is considered the highest Yuga Labs-owned collection in terms of floor price.
On Sunday, the floor price of the BAYC NFT collection dipped by 88% from its all-time high to around 27.4 ETH which is approximately $53,000. Since that time, there has been a slight rebound to about 29.5 ETH. The last time such an intense price dip happened was in October 2021 and after that time, BAYC price has been booming except a few times when it fluctuated.
BAYC NFT Collection Price Halving in April
Over a year ago, the collection’s floor price reached 153.7 ETH, equivalent to about $430,000.
By the end of 2022, the Yuga Labs-owned NFT collection closed at 69 Ether worth approximately $83,000 at the time. At the beginning of April this year, the BAYC NFT collection was selling at 64 ETH, or $126,000, and this was where its halving began. During this time, the floor price tanked to a five-month low of 55.6 ETH, which is approximately $110,000.
Beyond Bored Ape, NFT Floor Prices Face Decline
Some other NFT collections like MoonBirds, Azuki and Doodles have experienced a similar price dip in recent times. Mutant Ape Yacht Club experienced a floor price dip of 32% bringing the price to a little over 4.7 ETH.
This decline is largely attributed to a plunge in the price of ETH which powers many of the NFT collections.
Similarly, OpenSea reported that BAYC’s trading volume has decreased by 38% within the last 24 hours. Data from CryptoSlam shows that it is still the largest NFT collection by sales volume with a value of 1.2 million ETH, or $2.4 billion.
🔥Reach more than 5 000 000 real investors via Twitter influencer marketing! 🔥
