The Bored Ape Yacht Club (BAYC), formerly a leading Ethereum non-fungible token (NFT) market collection, has witnessed a significant decrease in its floor price.

This downturn signifies a reduction exceeding 90% from its historical peak, noted approximately two and a half years ago. BAYC is nearing a sub-10 NFT floor price, a development attributed to a 50% decline since March 1st alone.

BAYC Floor Price Plummets Below 11 ETH

According to data from NFT Price Floor, on Monday, April 15, the floor price of Bored Ape NFTs momentarily sank below 11 ETH, settling at 10.9 ETH, equivalent to about $34,000. This sudden dip represents a decline of 12.08% in just a single day.

The last time BAYC witnessed such a low floor price was in early August 2021, when it dipped to 9.5 ETH. However, there has been a slight increase at the time of writing, with the floor price rebounding to 11.09 ETH.

This current level represents a drop of more than 90% from BAYC’s all-time high floor price of 128 ETH, approximately $395,000, achieved in April 2022.

In addition to the plummeting floor price, data from CryptoSlam reveals a concerning trend in BAYC’s sales performance over the last 30 days. The ape-themed collectible has recorded total sales of $28,795,403, marking a decline of 29% within the past month. This decrease has placed BAYC fifth in sales value.

Meanwhile, in the broader context, data from CryptoSlam reveals that Bitcoin-based NFTs (the Bitcoin Ordinals) are outperforming Ethereum NFTs.

Over the same period, the Bitcoin Ordinals achieved a sales volume of $458.8 million, surpassing the $299 million achieved by Ethereum NFTs. Notably, the “Uncategorized Bitcoin Ordinals” currently lead the market in sales value.

BAYC’S History

The collection, introduced in April 2021, got considerable celebrity endorsement. Despite a prolonged downturn in the NFT market, particularly for high-value profile picture tokens, BAYC has consistently stood out as a notable success story.

It is known for its active community participation and frequent releases of new collections. Throughout its history, BAYC has maintained its position as a top NFT collection, leading the market in sales volume with over $3 billion in recorded transactions, according to data from CryptoSlam.

Despite the massive decline, on-chain data reveals that select BAYC NFTs have still been sold at a much higher price than the current floor one. For instance, BAYC #830 sold for 504.3 ETH, equivalent to $1.92 million at the time, just last month.

The post BAYC Floor Price Plummets 90% in 2.5-Year Span appeared first on CryptoPotato.

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Filed under: Bitcoin - @ April 16, 2024 8:15 pm