The floor price of the Bored Ape Yacht Club collection is now 11.1 ETH, 90% less than when it peaked during the ferocious NFT bull market.
The nonfungible token (NFT) floor price of the Bored Ape Yacht Club (BAYC) has dropped by more than 90% since its high, reaching 11.1 Ether, its lowest since August 2021.
NFT Price Floor reports that after a 50% decline since March 1 alone, BAYC is now very close to a sub-10-ETH floor price. The Yuga Labs-backed NFT experiment began operations in April 2021, therefore four months after it began, its NFT pricing floor is still in place.
The NFT collection’s drop from its peak of 128 Ether et on May 1, 2022, is a result of the industry-wide NFTs for digital art becoming less and less popular.
It is important to acknowledge that a small number of BAYC NFTs have persistently sold well over their floor price, which is determined by taking the NFT with the lowest price in a particular collection.
For instance, last month’s sale of BAYC #830 brought in 504.3 ETH ($1.92 million at the time), and in the past few days, multiple additional uncommon goods have sold for more than 30 ETH.
Only 64% of the value of CryptoPunks, the largest NFT collection by market capitalization, has remained unchanged from its top floor price of 113.9 ETH.
Industry observers are still wondering if digital art NFTs can recover in the interim.
Co-founder and chief operating officer of LongHash Ventures Shi Khai Wei stated in an interview with Cointelegraph that digital art NFTs “were never meant to exist on their own as projects” and that the teams behind them should think about combining them with other blockchain-related verticals in order to make them more beneficial.
According to Wei, “it is very difficult to raise things without a clear vision of the brand and actual products behind it.”
Wei noted that NFTs, however, can potentially be a “superpower” for blockchain-based projects that incorporate in-game economics and provide NFT ownership.
“If you already have a really clear vision, it is much easier. The game, the marketplace, the chain, and the infrastructure are all here, and the early adopter core community adopts [behind it].
