The price of nonfungible tokens (NFTs) from Bored Ape Yacht Club (BAYC) has significantly decreased recently, dropping by more than 90% from its highest point to reach a current floor price of approximately 11.1 Ether (ETH). This is the lowest it has been since August 2021. Reaching below the 10 ETH mark would be a notable development for BAYC.
Starting from March 1, BAYC has experienced a significant drop of fifty percent in its floor price. This reduction brings the price level back to its pre-launch value, which was reached just four months following its debut in April 2021.
With support from Yuga Labs, the project hit its highest point in value at 128 ETH on May 1, 2022. However, it has seen a significant drop in interest lately, reflecting a wider downturn in the digital art NFT market.
In spite of a general decrease in value for most BAYC NFTs, some specific ones remain in high demand and are sold for significantly more than their base price.
last month, BAYC #830 was sold for an astonishing 504.3 ETH, which translates to approximately $1.92 million at the time. Furthermore, other unique items have recently been snapped up for more than 30 ETH apiece.
Although the floor price indicates a downturn, some valuable and sought-after BAYC NFTs exist, illustrating the market’s richness and variability.
The largest NFT collection by market value, CryptoPunks, experienced a significant drop of 64% or approximately 113.9 Ether in value.
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2024-04-16 11:00