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.
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.