Bored Ape NFT Floor Price Hits Lowest Point in Over Two and a Half Years
Bored Ape Yacht Club’s Floor Price Drops 90% from Peak
The Bored Ape Yacht Club (BAYC) collection, once a symbol of prestige and value in the NFT world, has seen its floor price plummet to its lowest level in over two and a half years. Currently standing at 11.1 Ether (ETH), the floor price has experienced a staggering 90% decline from its peak during the roaring NFT bull market.
Approaching Sub-10 ETH Floor Price
According to data from NFT Price Floor, the BAYC floor price is now inching closer to dipping below the 10 ETH mark. This significant drop reflects a 50% decrease since March 1st alone, marking a stark contrast to the exuberance witnessed during the peak of the NFT craze.
NFT Market Trends
The decline in BAYC’s floor price mirrors a broader trend of diminishing enthusiasm for digital art NFTs across the industry. Despite BAYC’s initial hype and popularity following its launch in April 2021, the project has struggled to maintain its value in the face of market headwinds.
Signs of Resilience
However, amidst the overall decline, certain BAYC NFTs have continued to command significant prices above the floor. Notably, BAYC #830 recently sold for a staggering 504.3 Ether ($1.92 million at the time), demonstrating that rarity and uniqueness still hold value in the NFT market.
Industry-wide Impact
The decline in BAYC’s floor price is not unique to the project, as other leading NFT collections, such as CryptoPunks, have also experienced decreases from their peak floor prices. This industry-wide downturn has left many industry commentators wondering whether digital art NFTs can stage a comeback.
The Future of Digital Art NFTs
Shi Khai Wei, founder at LongHash Ventures, believes that digital art NFTs must evolve beyond standalone projects to remain relevant. Integration with other verticals in the blockchain industry could provide new avenues for growth and utility.
Conclusion
While the floor price of Bored Ape NFTs has reached its lowest point in over two and a half years, the resilience of certain rare and unique NFTs underscores the enduring appeal of rarity and scarcity in the NFT market. As the industry continues to evolve, the future of digital art NFTs remains uncertain, but opportunities for innovation and growth abound for those willing to adapt.
No comment