Bored Ape NFT Floor Price Hits Over 2-Years Low at 11.1 ETH

The world of Non-Fungible Tokens (NFTs) has been experiencing significant fluctuations, with Bored Ape Yacht Club (BAYC) NFTs seeing a stark decline in value. Once one of the most coveted NFT collections, Bored Ape NFTs have fallen over 90% from their peak. Reports indicate that the floor price has dropped to 11.1 ETH, the lowest since August 2021.

Reason Behind BAYC Floor Price Sharp Decline 

Several factors have contributed to the decline in Bored Ape NFT floor price. Firstly, the overall NFT market has cooled from its earlier frenzy, with less speculative trading and reduced demand for digital collectibles. As the hype around NFTs has diminished, many investors have shifted their focus elsewhere.

Additionally, broader market uncertainties have played a role in the price drop. Economic concerns such as inflation, interest rate hikes, and global market instability have prompted investors to reconsider their portfolios. As a result, NFTs, a relatively new and speculative asset class, have been affected by this shift in sentiment.

Also, the Bored Ape Yacht Club faces competition from newer NFT collections that have emerged, offering unique art and exclusive experiences. These alternatives have captured the attention of collectors and investors, diverting demand away from BAYC NFTs.

BAYC Floor Price Rebounds Slightly

Since 2021, the 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. Last year, the floor price of the BAYC NFT collection dipped by 88% from its all-time high to around 27.4 ETH which was approximately $53,000.

Since then, there has been a slight rebound to about 29.5 ETH. Meanwhile, the last time such an intense price dip happened was in October 2021 and after that, BAYC price has been booming except a few times when it fluctuated.

Beyond Bored Ape, NFT Floor Prices Face Decline

Recently some NFT collections like MoonBirds, Azuki, and Doodles have experienced a similar price dip. Mutant Ape Yacht Club experienced a floor price dip of 32% bringing the price to a little over 4.7 ETH. Many attribute the decline to the plunge in ETH, which powers NFT collections.

Similarly, OpenSea reported that BAYC’s trading volume has decreased by 38% within a short period. 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.